Business Caribbean News

JMMB group buys into Sagicor

Sagicor Financial Corporation Limited says it has entered into an agreement with the Jamaica-based broker dealer JMMB Group that will result in the company owning 20 per cent of New Sagicor.

In a statement, Sagicor said JMMB entered into a subscription agreement with Canada’s Alignvest Acquisition II Corporation that would allow the Jamaican company to purchase Class B shares issued by Alignvest.

The Class B shares to be purchased by JMMB will be converted at the close of the Alignvest’s acquisition of Sagicor into common shares of the Canadian company on a one-for-one basis.

The issue price is 10 dollars per Class B share.

Sagicor said that the closing of the new subscription is conditional on the completion of the Transaction and the approval of the Toronto Stock Exchange.

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