Business

JMMB plans US$200-million

Friday, May 17, 2019

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JMMB Group Ltd (JMMB) has committed to investing a minimum of US$200 million ($27.3 billion) in Alignvest Acquisition ll Corporation (AQY), a publicly traded Special Purpose Acquisition Corporation that is listed on the Toronto Stock Exchange.

Alignvest is in the process of acquiring 100 per cent of the ordinary shares of Sagicor Financial Corporation. Upon completing the acquisition of Sagicor Financial, the two companies will be merged into a single entity.

JMMB's commitment to invest a minimum of US$200 million in Alignvest, means that the entity will own no less than 20 per cent of the shareholdings of the merged entity. Today, Sagicor is recognised as the 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.

JMMB's acquisition of a minority stake in the merged entity will give the financial institution an opportunity to participate in the future growth of a market leader in the Caribbean insurance and asset management sectors.

As part of the agreement, JMMB will also have the right to nominate two eligible and qualified directors to serve on the board of directors of the merged company. The nominees are initially expected to be Keith Duncan, group CEO of JMMB, and Archibald Campbell, chairman of the board of directors of JMMB Group.

In hailing the success of the transaction, Duncan said “We are excited about the prospects of what this stake in AQY will present for JMMB.

“As a pioneering financial institution, we are always seeking out opportunities that will add value to our stakeholders. In that vein, we are 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.”


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