Food and financial conglomerate GraceKennedy Limited has paid over $637.7 million for the acquisition of Scotia Insurance Eastern Caribbean Limited, SIECL, but has a second payment of $476 million to meet next October.

The disclosure of the payments, amounting to more than $1.1 billion, comes at the completion of the deal on July 31. The acquisition is being financed from a bond issued by GK in April.

GraceKennedy has since renamed the business, which is now known as GK Life Insurance Eastern Caribbean Limited, to fit with its brand; while Group CEO Don Wehby has assumed the chairmanship. The company operates in various markets, but only two of them, Anguilla and St Kitts-Nevis, will be new markets for the GraceKennedy group.

https://jamaica-gleaner.com/article/business/20211117/gk-paying-11b-siecl-wehby-takes-chair