Sagi­cor Group Ja­maica yes­ter­day an­nounced the pub­li­ca­tion of its Com­bined Scheme and Ex­tra­or­di­nary Gen­er­al Meet­ing Book­let, along with re­lat­ed share­hold­er doc­u­ments, mark­ing an im­por­tant mile­stone in the pro­posed cre­ation of a more in­te­grat­ed Caribbean or­gan­i­sa­tion.

The doc­u­ments out­line a two-stage re­or­gan­i­sa­tion in­tend­ed to bring Sagi­cor Ja­maica and Sagi­cor Life Inc to­geth­er un­der Sagi­cor Group Caribbean.

The first step in the pro­posed re­or­gan­i­sa­tion is a Court-ap­proved Scheme of Arrange­ment, un­der which Sagi­cor Caribbean would be­come the new list­ed en­ti­ty, re­plac­ing Sagi­cor Ja­maica on the Ja­maica Stock Ex­change. If the Scheme is ap­proved by share­hold­ers, sanc­tioned by the Court and be­comes ef­fec­tive, Sagi­cor Ja­maica share­hold­ers will re­ceive one Sagi­cor Caribbean share for each Sagi­cor Ja­maica share held, leav­ing their pro­por­tion­al own­er­ship un­changed im­me­di­ate­ly fol­low­ing the Scheme. Sagi­cor Caribbean would sub­se­quent­ly ac­quire SLI, bring­ing both Sagi­cor Ja­maica and SLI un­der a com­mon par­ent.

“This is an im­por­tant mile­stone in our One Caribbean jour­ney,” said Christo­pher Za­c­ca, CEO of Sagi­cor Ja­maica and Sagi­cor Caribbean.

“The pro­posed re­or­gan­i­sa­tion pro­vides an op­por­tu­ni­ty to build a larg­er, stronger and more con­nect­ed Caribbean fi­nan­cial ser­vices group. We en­cour­age all share­hold­ers to re­view the in­for­ma­tion pro­vid­ed and par­tic­i­pate in the up­com­ing meet­ings.”

The trans­ac­tions are in­tend­ed to cre­ate a plat­form for sus­tain­able re­gion­al growth, con­tin­ued in­vest­ment, and dig­i­tal trans­for­ma­tion. It is al­so ex­pect­ed to sup­port bet­ter ex­pe­ri­ences for clients, broad­er op­por­tu­ni­ties for team mem­bers, and greater col­lab­o­ra­tion across Sagi­cor’s Caribbean busi­ness­es.

Za­c­ca added: “By bring­ing to­geth­er our Caribbean ex­per­tise, scale and ca­pa­bil­i­ties, we can strength­en our re­gion­al im­pact and cre­ate last­ing val­ue for our share­hold­ers and the com­mu­ni­ties we serve.”

Two share­hold­er meet­ings will be held in hy­brid for­mat on Oc­to­ber 28: A Court-Or­dered Scheme Meet­ing:at 10 am and an Ex­tra­or­di­nary Gen­er­al Meet­ing at 11.30 am.

Share­hold­ers may par­tic­i­pate in per­son at the Au­di­to­ri­um, Sagi­cor Group Ja­maica, R. Dan­ny Williams Build­ing, 28–48 Bar­ba­dos Av­enue, Kingston 5, or vir­tu­al­ly through the des­ig­nat­ed on­line meet­ing plat­form.

Share­hold­ers may al­so ap­point a proxy in ac­cor­dance with the in­struc­tions con­tained in the meet­ing ma­te­ri­als.

The share­hold­er doc­u­ments and in­for­ma­tion on how to par­tic­i­pate are avail­able at https:/sagi­cor.in­fo/scheme-of-arrange­ment and on the Ja­maica Stock Ex­change’s web­site at www.jam­stock­ex.com.

The pro­posed re­or­gan­i­sa­tion re­mains sub­ject to share­hold­er ap­proval, Court sanc­tion, ap­plic­a­ble reg­u­la­to­ry and stock ex­change ap­provals, and the sat­is­fac­tion of oth­er con­di­tions.