🔘 DEVELOPING: Scotiabank to take full ownership of Scotia Jamaica
Scotia Group Jamaica Limited is to be bought out by its Canadian-based parent company through majority shareholder, Scotiabank Caribbean Holding Limited. This means that the bank will no longer be publicly listed, but will instead become a private entity.
▫️The sale, approved by the bank's directors, will be at a cost of J$61.50 per share or about J$56.7 billion.
▫️Scotiabank Jamaica says the sale of the shares will not materially affect its Jamaican operations. In fact, president and CEO Audrey Tugwell-Henry says the transaction is intended to help the entity to better focus on long-term value creation and core business growth.
▫️The purchase price of $61.50 per share works out to a 13-per cent premium of its 30-day average trading price on the Jamaica Stock Exchange.
▫️Scotiabank's minority shareholders are to vote on the proposed shares sale before there can be court approval. The process is expected to close in the fourth calendar quarter of 2026.