Sagicor Life Jamaica (SLJ) has advised that at a meeting held on July 25, 2013 the decision was taken to reorganize the corporate structure of the Sagicor Life Jamaica Group.
The reorganization will involve the establishment of a new holding company which will be listed on the main market of the Jamaica Stock Exchange and which will become the direct holding company of Sagicor Life Jamaica Limited, (the Group’s insurance division), Sagicor Investments Jamaica Limited, (the Group’s investment banking division) and Sagicor Bank Jamaica Limited, (the Group’s commercial banking division).
The reorganization will involve the establishment of a new holding company which will be listed on the main market of the Jamaica Stock Exchange and which will become the direct holding company of Sagicor Life Jamaica Limited, (the Group’s insurance division), Sagicor Investments Jamaica Limited, (the Group’s investment banking division) and Sagicor Bank Jamaica Limited, (the Group’s commercial banking division).
All current shareholders of SLJ will exchange shares in SLJ for shares of equal value in the new Holding Company. 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 reorganization will align the group’s organizational 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 reorganization.
