Sagicor Financial is now an associated company of JMMB Group, following JMMB’s acquisition of over 33 million shares in Sagicor Financial representing a minority stake of 22.5 per cent.
JMMB purchased the shares from Canadian entity Alignvest, by way of a private placement. The transaction totaled CA$332.1 million.
JMMB can now nominate two directors to serve on the board of Sagicor.
The nominees are Chairman of the JMMB Group Archibald Campbell and CEO Keith Duncan.