KINGSTON, Jamaica — Scotiabank Caribbean Holdings Limited is moving to take Scotia Group Jamaica Limited (SGJL) private, in a transaction that would see minority shareholders bought out at $61.50 per share in cash.

SGJL announced Friday that it has entered into a definitive arrangement agreement with Scotiabank Caribbean Holdings Limited, its majority shareholder, which already owns 71.78 per cent of the company.

Under the proposed transaction, all SGJL shares not currently owned by Scotiabank Caribbean Holdings would be repurchased, subject to court approval, minority shareholder approval and other closing conditions.