JMMB Group Limited (JMMBGL) has announced that it has committed to investing a minimum of US$200 million in Alignvest Acquisition ll Corporation (AQY), which is a publicly-traded Special Purpose Acquisition Corporation that is listed on the Toronto Stock Exchange. AQY is currently set to acquire 100% of the ordinary shares of Sagicor Financial Corporation (SFC). Upon the completion of AQY’s acquisition of SFC, AQY and SFC will then collapse into a new single entity (New Sagicor). Following the completion of the investment transaction, JMMBGL will own no less than 20% of the shareholdings of New Sagicor. SFC is a leading financial services provider in the Eastern Caribbean, Trinidad and Tobago, and Jamaica; with growing presence as a provider of life insurance products in the United States.
JMMBGL’s acquisition of a minority stake in New Sagicor is a major investment, and will give JMMBGL a unique opportunity to participate in the future growth of a market leader in the Caribbean insurance and asset management sectors. Additionally, 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 Group , and Archibald Campbell, the chairman of the board of directors of JMMB Group. The transaction is subject to regulatory approval