Scotia going private

Scotia Group Jamaica Limited (SGJ) is set to become a private company in the coming months as minority shareholders on Wednesday approved an offer by Scotiabank Caribbean Holdings Limited (SCH) to acquire their shares for $63.50 billion (US$397.84 million).

The decision was taken at an extraordinary general meeting (EGM) called by the financial conglomerate at AC Hotel Kingston under a scheme of arrangement as directed by the Supreme Court of Jamaica.

At the meeting, minority shareholders were asked to vote on the offer by SCH to purchase their shares for $75 per share and take the company private. The vote was reviewed by scrutineers PwC Corporate Services (Jamaica) Limited.