KINGSTON, Jamaica, Thursday May 23, 2019 – Jamaica-based integrated financial services provider Jamaica Money Market Brokers (JMMB) Group Limited will own at least 20 per cent of the new entity that will be formed when Sagicor Financial Corporation (SFC) is taken over by a Canadian-based special purpose acquisition corporation.
A statement from JMMB said it is investing a minimum of US$200 million to have a stake in Alignvest Acquisition II Corporation which is set to acquire all SFC’s shares.
Upon completion of Alignvest’s acquisition of SFC, the two will collapse into a new single entity, New Sagicor.
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“JMMB’s acquisition of a minority stake in New Sagicor is a major investment, and will give JMMB a unique opportunity to participate in the future growth of a market leader in the Caribbean insurance and asset management sectors,” the Jamaican company, a leading broker-dealer with operations in Trinidad and Tobago and the Dominican Republic, said.
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New Sagicor will become an associated company of JMMB Group and, as part of the agreement; JMMB will have the right to nominate two eligible and qualified directors to serve on the board of directors of New Sagicor. Those nominees are initially expected to be Keith Duncan, the Group CEO of JMMB, and Archibald Campbell, the chairman of the board of directors of JMMB Group.
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Additionally, subject to certain exclusions, JMMB will receive participation rights in future offerings of common shares for New Sagicor, or securities convertible or exchangeable for common shares of New Sagicor, for up to five years following the closing of the transaction, once it continues to own at least 20 per cent of the common shares in New Sagicor.
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Duncan said JMMB was excited about the prospects of what its stake in Alignvest will present for JMMB.
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“As a pioneering financial institution, we are always seeking out opportunities that will add value to our stakeholders. In that vein, we are confident that having such a stake in a regional market leader, will auger well for the future growth and financial performance of the JMMB Group,” he said.
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President and Chief Executive Officer of SFC Dodridge Miller said JMMB’s planned investment was “a significant vote of confidence in the strategic direction of Sagicor, and a strong conviction of our ability to continue to grow the company while delivering attractive returns to shareholders”.Q21 Real Estate Promociones
The closing of JMMB’s subscription is conditional on the completion of the transaction and the approval of the Toronto Stock Exchange on which Alignvest is listed.Q21 Real State
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