THE Supreme Court on Wednesday cleared the way for Scotia Group Jamaica Limited (SGJ) to convene shareholder meetings on its approximately $54-billion privatisation plan, advancing a transaction that could end more than 57 years of Scotia trading on the Jamaica Stock Exchange (JSE).

SGJ disclosed the formal order on the JSE after the market closed Thursday. It grants the company permission under section 206 of the Companies Act to convene separate meetings of its parent, Scotiabank Caribbean Holdings Limited (SCHL), and minority shareholders to consider the proposed scheme of arrangement.

As the transaction moves through the courts, President and CEO Audrey Tugwell Henry has stepped up efforts to assure customers that delisting will not lead to a reduced presence in Jamaica. In a July 10 email sent directly to customers, she pointed to plans to build new branches, upgrades to automated banking machines (ABMs) and continued investment in digital services.