Dr. the Hon. R. Danny Williams; Chairman of Sagicor Group Jamaica
On Monday, December 23, 2013 the dual exercise of the delisting of Sagicor Life and the listing of Sacigor Group was effected on the Board of the Exchange. This was done in light of the Sagicor restructuring exercise where the ordinary shares of Sagicor Group Jamaica Limited was listed by way of Introduction as no Offer was made to the public.
Mrs. Marlene Street Forrest; General Manager of the Jamaica Stock Exchange, speaking at the event, told the audience that, “Sagicor Life which is delisting today, was considered to be a liquid stock evidence by its inclusion in the JSE Select Index on numerous occasions since the creation of the index in 2000. The JSE Select Index tracks the performance of the 15 most liquid companies. Sagicor Life Jamaica Limited has paid out annual dividends over the last ten years and net profit has steadily increased over the same period. SLJ was considered to be a solid and financially sound company. We expect that by extension, Sagicor Holdings will continue to perform as creditably on the market, not only by posting strong results and providing good dividend, but by continuing to display good corporate governance. The record speaks for itself as determined by our best practices Awards where Sagicor Life received the following awards:
ü 2005 – Best Performing Company
ü 2008 – PSOJ Corporate Governance Award
ü 2009 – 2nd Place Best Practices Corporate Disclosure & Investor
ü Relations & PSOJ Corporate Governance Award
ü 2010- Best Practice Best Annual Report 3rd Place & PSOJ Corporate Governance – Special Award – 3rd Place
ü 2011 – Best Practices Annual Report & Website (3rd Place)”.
Dr. the Hon. Danny Williams told the audience that “Today, the name Sagicor Life Jamaica Limited (SLJ) will be replaced on the Stock Exchange by Sagicor Group Jamaica Limited which will trade as SJ. All existing shareholders of Sagicor Life Jamaica will now hold the same amount of shares in Sagicor Group Jamaica with Sagicor Group owning all that Sagicor Life Jamaica now owns. All our shareholders will automatically become shareholders of Sagicor Group Jamaica, with their shares traded equally so it will hold its value. We wish to thank all our shareholders who continue to express their trust and confidence in what we are doing and we also thank the Jamaica Stock Exchange for their continued guidance”.
Mr. Richard Byles, President & CEO of Sagior Group, speaking at the event stated that, the listing of Sagicor Group and the delisting of Sagicor Life was done to align the company’s organizational structure with the requirements of the Omnibus Legislation for deposit taking institutions soon to be passed by Parliament. He went on to say that Sagicor was ahead of the legislation and some others in this respect and will continue to lead other institutions in this area.
