Business
Tuesday, August 06, 2013SAGICOR Life Jamaica (SLJ) and its subsidiaries will be reorganised under a new holding company that will be listed on the Jamaica Stock Exchange (JSE).Shares in the new group company, which will become the direct holding company of the insurance division, SLJ, the investment arm, Sagicor Investments Jamaica and commerical bank, Sagicor Bank, will replace SLJ shares now listed on the stock market.“All current shareholders of SLJ will exchange shares in SLJ for shares of equal value in the new Holding Company,” said a press statement issued by Sagicor on Friday. “That means the value of the new shares to be issued in Sagicor Group will be identical in value to the shares previously held in SLJ.”The reorganisation will take place under Court-approved Schemes of Arrangement to be approved by the members of the respective companies.The action will align the group’s organisational structure with the requirements of new omnibus legislation for deposit- taking institutions which is soon to be promulgated by Parliament.“The day-to-day operations of Sagicor Life Jamaica Limited, Sagicor Investments Jamaica Limited and Sagicor Bank Jamaica Limited will not be affected by the reorganisation,” said the release.
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Sagicor group to reorganise under holding company
