Nov 2009 Financial News

Sagicor Life ups interest in PanCaribbean to 85 per cent

Nov 16, 2009

Sagicor Life Jamaica (SLJ) on Friday announced the acquisition of an additional 33 per cent shareholding of Pan Caribbean Financial Services Limited from its parent company, Sagicor Financial Corporation.

"SLJ acquired over 181 million Pan Caribbean Financial Services (PCFS) shares over the Jamaica Stock Exchange. This increases our ownership from 53 per cent to over 85 per cent," said Sagicor Life president and CEO Richard Byles in a statement.

He noted: "PCFS has been a very successful financial entity, posting increased profits every year for the past 7 years and enjoying one of the strongest balance sheets in the financial sector."

According to Sagicor Life, the acquisition is expected to result in greater synergies and will allow both companies to seek strategic opportunities for efficiencies and expansion. In its nine month unaudited financial results, PCFS reported a 23 per cent increase in year to date profits to $1.1 billion and a five per cent increase in total assets to $67 billion.

President and CEO of PCFS, Donovan Perkins expressed strong support for the acquisition and optimism for the future. Perkins remarked, "PCFS and SLJ have worked very closely together over the past four years and this creates an opportunity for us to work even closer."

Byles noted that in the interest of transparency and good corporate governance, a special Transaction Committee comprised of independent directors of the SLJ Board was appointed to approve and oversee the transaction.


Source:
Jamaica Observer
Sunday, November 15, 2009

http://www.jamaicaobserver.com/magazines/Business/html/20091114T210000-0500_163831_OBS_SAGICOR_LIFE_UPS_INTEREST_IN_PANCARIBBEAN_TO____PER_CENT_.asp