The JMMB Group on Thursday (December 5) announced its acquisition of 33,213,764 common shares in Sagicor Financial Company Limited, giving the entity proxy to now own and control approximately 22.5 per cent of the issued and outstanding common shares of Sagicor.

“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. 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,” a release noted.

The financial services group of companies which operates in the Caribbean and is headquartered in Kingston, said that they purchased the Class B shares from of Alignvest Acquisition II Corporation (Alignvest), by way of a private placement, at US$10.00 per Class B share, totalling Canadian $332,137,637.83 (based on a subscription amount of US$250 million,converted on the date of closing).

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

JMMB Group CEO, Keith Duncan in welcoming the news said that he is happy about this share acquisition as it marks a milestone achievement for his company.

“It marks a new phase in our journey as an organisation, having acquired a stake in Sagicor for investment purposes,” he stated.

“In our ongoing thrust to identify opportunities that build on our solid performance and take 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. I wish to take this opportunity to express my heartfelt thanks to our team who worked tirelessly towards this successful outcome,” he further asserted.

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