Less than two years after becoming the largest shareholder in Sagicor Financial Company (SFC), JMMB Group Limited (JMMBGL) has added another one of its board members to SFC’s board as the company’s stake in the financial conglomerate has increased from 22.52 per cent to 22.68 per cent.
JMMB initially acquired its 22.52 per cent SFC stake on December 5, 2019, when it converted 33,213,764 Class B shares in Alignvest Acquisition II Corporation (ALC) on a one-for-one basis into SFC shares. JMMBGL acquired these shares via a private placement at a cost of US $250 million ($34.40 billion) or CAD $332.14 million on a converted price.
SFC was subsequently listed on the Toronto Stock Exchange and delisted from three other markets. JMMBGL was able to appoint two directors because of their associate stake which they acquired in SFC. JMMBGL appointed its chairman, Dr Archibald Campbell, and its CEO, Keith Duncan, as appointees to the board.
