Lalor offloads LOJ sharesLalor offloads LOJ shares
THE Dennis Lalor-controlled ICWI Investments yesterday sold its shares in Life of Jamaica — a move that has brought to an end, the relationship between the insurance company and its co-founder.
At trading yesterday at the Jamaica Stock Exchange, 232.8 million LOJ shares representing just over 10 per cent of the issued shares of the company crossed the floor at a price of $2.08. The bulk of the shares belonged to ICWI Investments, business sources said last night.
Business sources also said that the shares were bought by the investment arm of a commercial bank. The Observer was unable to confirm that report at press time last night.
Life of Jamaica was bought a few years ago by Barbados Mutual and Life of Barbados when Finsac, which had pumped billions of dollars in the firm to prevent its collapse, divested its 76 per cent stake.
The shares owned by the co-founders, Lalor and R Danny Williams, were watered down with the intervention by Finsac.
Yesterday’s sale represented the block that ICWI Investments had held in the company after the sale to the Barbados investors.
Lalor could not be reached for a comment last night.