JMMB Group CEO Keith Duncan said the company is excited about the prospects the stake in Alignvest will present for the company.
JMMB Group Limited (JMMB) is investing approximately US$200 Million in Alignvest Acquisition ll Corporation (AQY), the special purpose company, set to acquire all the shares in Sagicor Financial Corporation (SFC).
Upon completion of the transaction between Alignvest and SFC, a new entity called New Sagicor will be formed, and subsequently, list on the Toronto Stock Exchange.
JMMB will own no less than 20 per cent of the shareholdings of New Sagicor. The result, New Sagicor will become an associate company of JMMB.
“JMMB’s acquisition of a minority stake in New Sagicor is a major investment, and will give JMMB a unique opportunity to participate in the future growth of a market leader in the Caribbean insurance and asset management sectors,” JMMB said in a statement on Thursday.
Keith Duncan, JMMB’s CEO and JMMD board chairman Archibald Campbell are expected to serve on the board of directors of New Sagicor.
Duncan said JMMB is excited about the prospects the stake in Alignvest will present for the company.
“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 augur well for the future growth and financial performance of the JMMB Group,” Duncan said.
Sagicor Financial Corporation is a 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.
Alignvest is a special-purpose acquisition corporation listed on the Toronto Stock Exchange.