Sagicor Financial Corporation shareholders have given approval for the proposed acquisition of  the entity by Canadian firm Alignvest Acquisition Corporation.

A report in Trinidad’s Express newspaper says the shareholders gave the nod at a Scheme of  Arrangement meeting on June 4.

Of  the shareholders casting their votes in person or by proxy, 94.2 per cent voted in favour of  the transaction.

Last year, Sagicor Financial Corporation announced that it had entered into an agreement with Alignvest to acquire its shares.

Alignvest plans to acquire all the shares of  Sagicor Financial, delist the company in the three markets in which its trades, that is, Barbados, Trinidad and London, and list New Sagicor on the Toronto Stock Exchange.