RNS Number : 5244D
Sagicor Financial Corporation
03 December 2009
Sagicor Financial Corporation
SFC/PCFS Shareholding
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.
3 December 2009
Enquiries:
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Sagicor
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+1 (246) 467 7500
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Melba Smith, Vice President Corporate Communications
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Numis
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+44 (0) 20 7260 1000
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Charles Farquhar
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College Hill
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+44 (0) 20 7457 2020
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Richard Pearson
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This information is provided by RNS
The company news service from the London Stock Exchange
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