Dec 2009 Financial News

Sagicor Financial Corporation - Sale of shareholding in Pan Caribbean Financial Services Limited

Dec 07, 2009

The following press release was received from Sagicor Financial Corporation:

Sagicor Financial Corporation (SFC) announces that it has sold its 33.3% shareholding in Pan Caribbean Financial Services Limited (PCFS) to its subsidiary Sagicor Life Jamaica Group (SLJ) as part of an internal realignment of the Group’s interests in Jamaica. The transaction will increase Sagicor Life Jamaica Group’s ownership in PCFS to 86% and enhances the strategic possibilities available to PCFS and SLJ.

SFC owned 181 million shares in PCFS (33.3%) and the selling price was J $14.00 per share. A special Transaction Committee comprised of independent directors of the SLJ Board was appointed to approve and oversee the transaction. In addition, the value of PCFS was appraised through an independent valuation and the agreed price was subject to an independent fairness opinion.


Source:
The Trinidad and Tobago Stock Exchange Limited
Monday December 7, 2009