Scotia Group Jamaica Limited (SGJL) on Friday announced that it is moving to become a private company and delist from the Jamaica Stock Exchange, noting that the transaction, if completed, will have no material impact on its current operations.

Scotia Group said it has entered into a definitive arrangement agreement with its majority shareholder, Scotiabank Caribbean Holdings Limited (SCHL), to take SGJL private.

Under the proposed transaction, all of the issued and outstanding shares of SGJL that SCHL does not currently own will be repurchased at a price of J$61.50 in cash per share, subject to court approval, the approval of SGJL's minority shareholders, and other customary closing conditions.