JMMB Group Lim­it­ed (JMMB Group) has ac­quired 22.5 per cent of the new Sagi­cor, Sagi­cor Fi­nan­cial Com­pa­ny Ltd (Sagi­cor).

In hail­ing the news of the share ac­qui­si­tion, JMMB Group CEO, Kei­th Dun­can, said “My team and I are very hap­py about this mile­stone, as it marks a new phase in our jour­ney as an or­gan­i­sa­tion, hav­ing ac­quired a stake in Sagi­cor for in­vest­ment pur­pos­es.”

He con­tin­ued: “In our on­go­ing thrust to iden­ti­fy op­por­tu­ni­ties that build on our sol­id per­for­mance and tak­ing us to high­er lev­els, all in the best in­ter­est of our clients, team mem­bers and share­hold­ers; we re­main con­fi­dent that, hav­ing such a stake in a re­gion­al mar­ket leader, will auger well for the fu­ture growth and fi­nan­cial per­for­mance of the JMMB Group.”

JMMB Group an­nounced that it ac­quired 33,213,764 com­mon shares of Sagi­cor Fi­nan­cial Com­pa­ny Ltd. (Sagi­cor), on De­cem­ber 5, 2019, up­on the im­me­di­ate con­ver­sion of 33,213,764 Class B shares of Align­vest Ac­qui­si­tion II Cor­po­ra­tion (Align­vest), on a one-for-one ba­sis.

JMMB pur­chased the Class B shares from Align­vest, by way of a pri­vate place­ment, at US$10.00 per Class B share, to­talling US$332,137,637.83 (based on a sub­scrip­tion amount of US$250,000,000.00 con­vert­ed on the date of clos­ing).

Sagi­cor, as the re­sult­ing is­suer, there­after is­sued the com­mon shares up­on con­ver­sion, in con­nec­tion with Align­vest’s qual­i­fy­ing trans­ac­tion with Sagi­cor Fi­nan­cial Cor­po­ra­tion Lim­it­ed, through a statu­to­ry plan of arrange­ment and the con­tin­u­ance of Align­vest to Bermu­da, un­der the name “Sagi­cor Fi­nan­cial Com­pa­ny Ltd.”

Pri­or to this trans­ac­tion, JMMB Group did not ben­e­fi­cial­ly own or con­trol any se­cu­ri­ties of Align­vest or Sagi­cor.

As a re­sult of the trans­ac­tion, JMMB Group now owns and con­trols 33,213,764 com­mon shares of Sagi­cor.

In a state­ment, JM­MG Group said: “This ac­qui­si­tion of a mi­nor­i­ty stake in Sagi­cor is a ma­jor in­vest­ment for JMMB Group, and will give JMMB Group a unique op­por­tu­ni­ty to par­tic­i­pate in the fu­ture growth of a mar­ket leader in the Caribbean in­sur­ance and as­set man­age­ment sec­tors.”

It con­tin­ued: “Ad­di­tion­al­ly, 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 Sagi­cor. Those nom­i­nees are Kei­th Dun­can, the CEO of JMMB Group, and Archibald Camp­bell, the chair­man of the board of di­rec­tors of JMMB Group.”

Sagi­cor Fi­nan­cial Com­pa­ny Ltd. and Sagi­cor Ja­maica are sep­a­rate en­ti­ties, how­ev­er; Sagi­cor Fi­nan­cial Com­pa­ny Ltd. con­trols Sagi­cor Ja­maica and owns 49% of its or­di­nary share­hold­ings.