Jan 2020 Financial News

GraceKennedy Limited - Announcement of Offer to Acquire Key Insurance Company Limited

Jan 20, 2020

The GraceKennedy Group announced plans to further strengthen and expand its Financial Division through an offer by the holding company, GraceKennedy Financial Group Limited (GKFG), to acquire general insurance entity, Key Insurance Company Limited, a company listed on the Junior Market of the Jamaica Stock Exchange.

The offer follows the acquisition, in December 2019, of 15% of Key Insurance’s shares. In pursuing ownership of the entity, GraceKennedy intends to limit its share acquisition to not more than 80%, so that Key Insurance will remain listed on the Junior Market. The offer will be open for acceptance by Key Insurance’s shareholders at 9am on January 27, 2020, and end at 4:30pm on February 17, 2020.

Listed on the Junior Market of the Jamaica Stock Exchange, Key Insurance was incorporated in 1982, and has grown its customer base, with offices located in Kingston, Portmore, May Pen, Ocho Rios, Montego Bay and Mandeville. The company will be the newest member of the GK Financial Group, which comprises Western Union, Bill Express, FX Trader, GK General Insurance, Allied Insurance Brokers and First Global Bank.

The Takeover Bid Circular and the Form of Acceptance and Transfer in relation to the Offer have been delivered to the Board of Directors of Key, the JSE and the TTSE and will be sent to Key shareholders. In the meantime copies may be downloaded from the JSE website at www.jamstockex.com, or the GK Capital website at www.GK-capital.com.

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday 20th January, 2020