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Mayberry Investments Joins John Jackson, In Calling For A Rejection Of Ansa Coating International’s Offer – Updated

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The number of shareholders coming out and publicly rejecting Ansa Coating International Limited’s offer to purchase the ordinary shares in Berger Paints Jamaica Limited, now held by minority shareholders is growing.

Mayberry Investments Limited, noted financial analyst John Jackson, Sagicor Investments, a subsidiary of Sagicor Group which controls more than 10 percent of Berger Paints shares and the Ideal Group of companies, the largest minority shareholder in Berger Paints at 12%+ of the Company, have all voiced their rejection of the $10.88 offer, arguing that the shares are worth much more, suggesting a price range of $11.23 to as high as $20.

Mayberry Investments Joins John Jackson, In Calling For A Rejection Of Ansa Coating International’s Offer 

Mayberry Investments Limited has joined noted financial analyst John Jackson, in calling for a rejection of Ansa Coating International Limited’s (ACI) offer to purchase the ordinary shares in Berger Paints Jamaica Limited (BRG), now held by minority shareholders.
As the majority shareholder, ACI has made a mandatory offer pursuant to section 19 of the Rules Governing Take-Overs and Mergers in the Jamaica Stock Exchange’s (JSE) Rule Book, to purchase the remaining BGR shares on the market.

The company has offered to purchase all remaining BRG shares at a value of J$10.88 or US$0.08485 per share, payable in cash. The offer opened on September 7, 2017 at 9:00 am and is scheduled to close on September 28, 2017 at 4:00 pm.

A group of independent directors of BRG, Pokar Chandiram, Michael Fennell, Warren McDonald and Milton Samuda, citing a myriad of legal and monetary considerations, has advised shareholders to accept the offer made by ACI.

Jackson is questioning why any rational person would recommend that shareholders sell their Berger Jamaica Paints shares for JA$10.88, when the shares are worth more.

Both Jackson and Mayberry are of the firm view that the shares are worth much more, suggesting a price range of $11.23 to as high as $20.

It is against this backdrop that Mayberry has concluded that the price being offered by ACI is well below the current and medium-term projected value of the BRG stock. With this in mind, it is the position of Mayberry that shareholders should reject ACI’s current offer.

It simply makes no logical sense as the offer to buy is not a fair price for the minority shares Jackson remarked in IC Insider.com, indicating that unfortunately, a number of small shareholders are likely to get their wealth sucked out by an awful and unfortunate recommendation by the directors of Berger Paints for them to accept an offer that is clearly not in the interest of minority shareholders. BM

Mayberry Rejects Berger Offer

On July 24, 2017, Ansa Coating International Limited (ACI) purchased 100 per cent of shareholdings in Lewis Berger (Overseas Holdings) Limited (“LBOH Acquisition”). As a result of this acquisition, Ansa indirectly holds 109,332,222 ordinary shares in Berger Paints Jamaica Limited (BRG), which represents 51.01 per cent of the shares in issue.

As the majority shareholder, ACI has made a mandatory offer pursuant to section 19 of the Rules Governing Take-Overs and Mergers in the Jamaica Stock Exchange’s (JSE) Rule Book, to purchase the remaining BGR shares on the market. The company has offered to purchase all remaining BRG shares at a value of J$10.88 or US$0.08485 per share, payable in cash. The offer opened on September 7, 2017 at 9:00 am and is scheduled to close on September 28, 2017 at 4:00 pm.

A group of independent directors of BRG, Pokar Chandira, Michael Fennell, Warren McDonald and Milton Samuda, citing a myriad of legal and monetary considerations, has advised shareholders to accept the offer made by ACI. Chief among their reasons is the likelihood that most shareholders will accept the offer and grant ACI a majority shareholding of over 80 per cent in BRG. This would lead to the JSE de-listing the company from the exchange and ACI has made clear its intention to take the company private.

A company operating outside the ambit of the JSE is not only subject to less stringent information and reporting requirements, but also the minority shareholder must consider the fact that stocks of a delisted company are considerably more illiquid, as there is no recognised trading system to facilitate the buying and selling of the stock and even in cases where such trades are executed, they attract additional taxes.

The independent directors also warned of a possible “squeeze out” at the original offer price if ACI acquires 90 per cent or more of all outstanding shares of BRG, meaning ACI, with that number of shareholdings, could compulsory acquire all outstanding minority shares. The independent directors asserted that there is “very little chance of successfully opposing a compulsory ‘squeeze out’”, based on the advice of their attorneys, Myers, Fletcher & Gordon.

Clearly the independent directors have decided that it is in the best interest of shareholders to accept the offer. Even if ACI does not meet the 90 per cent threshold for a “squeeze out”, a shareholder controlling more than 75 per cent of the votes admissible at a general meeting will be able to pass any ordinary or special resolution without the consent of the minority shareholders. Furthermore, an uncertain dividend policy is also a consideration.

Mayberry Investments Limited (Mayberry) disagrees with the position of the independent directors of BRG, and based on its own valuation of the company, maintains that shareholders should reject the offer made by ACI.

BRG’s performance year to date has shown an increase in revenues and an improvement in profit from operations. The operating profit and net profit margins for the three months ended June 2017 was 6.87 per cent and 5.15 per cent respectively. This performance indicates that the company is benefitting from previous investments that improved processes, lowered energy costs, increased efficiency through plant & machinery upgrades as well as flat raw material costs.

As the local macroeconomic indicators continue to trend upwards, BRG is expected to see an increase in business activity. Revenue from sales is projected to increase, driven by an expansion in the construction industry, which was used as a proxy to project paint sales. Data from The Planning Institute of Jamaica (PIOJ) for the review period April – June 2017 estimated that construction grew by 1.5 per cent. This was due to an increase in building construction, led by the building out of office space to facilitate expansion of Business Processing Outsourcing (BPO).

As the construction industry continues to experience robust growth, BRG stands to improve its sales revenues; BRG continues to be the most dominant player in the decorative paints market and is continuing to increase its market share. The growth in the company’s market share should have a positive impact on revenues and margin.

For the 2017 financial year (FY), revenue is projected to increase by 5 per cent, given the expected expansion in the construction industry and the current marketing campaign to increase market share. Operating profit margin is expected to average 15 per cent for the projected period; this compares to the 2017 year end margin of 15.48 per cent. It is consistent with the investment in equipment to increase efficiency, which should continue to pay off into 2017.

For the FY 2018 year end, BRG’s earnings per share (EPS) is projected at $1.49 (2017: $1.47), while the 12 months projected EPS is $1.50. The stock is currently trading in the area of $11.23 per share as at September 21, 2017 and is projected at $15 for the next twelve months using a P/E of 10 times. Further, BRG has not closed below the price offered of $10.88 since January 30, 2017, which is also below the average price of $14.06 reported since the beginning of 2017.

This puts the buyback price of $10.88 at 37.86 per cent below its medium-term valuation. If accepted, shareholders will forgo an approximated $0.35 per share compared to the current price of $11.23, and an estimated $4.12 per share relative to the projected price of $15. It should also be noted that on the date that the offer opened (September 7, 2017), the stock closed at a price of $12.06, coming from a price of $15.81 as at August 31, 2017.

It is against this backdrop that Mayberry has concluded that the price being offered by ACI is well below the current and medium-term projected value of the BRG stock. With this in mind, it is the position of Mayberry that shareholders should reject ACI’s current offer.

 

It Simply Makes No Logical Sense As The Offer To Buy Is Not A Fair Price For The Minority Shares – Jackson

Noted financial analyst John Jackson, is questioning why any rational person would recommend that shareholders sell their Berger Jamaica Paints (BPJL) for JA$10.88, when the shares are worth more than $20 each,

According to Berger Jamaica directors, a PwC Advisory has stated in the Fairness Opinion, that the consideration under the offer is fair to the shareholders of BPJL from a financial point of view. PwC Advisory review procedures focused on evaluating the fairness of the offer on a stand-alone basis and not relative to the price attributed to other companies included in the Acquisition.

It simply makes no logical sense as the offer to buy is not a fair price for the minority shares Jackson remarked in IC Insider.com, indicating that unfortunately, a number of small shareholders are likely to get their wealth sucked out by an awful and unfortunate recommendation by the directors of Berger Paints for them to accept an offer that is clearly not in the interest of minority shareholders.

There are investors who will not accept it, hence the chance of the offer doing well is slim, especially as the stock has been trading above the offer price Jackson remarked.

The above assessment mirrors IC Insider.com earlier comments that 6 shareholders hold more than 31 percent of the shares and they are unlikely to sell at the offer price.

That would make the possibility of the offer getting shares up to even 70 percent very slim. In addition there are others who won’t sell either Jackson concluded.

Source icinsider.com

 

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Scotiabank Group Jamaica Continues To Perform Well

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Scotia Group reports net income of $4.2 billion for the quarter ended January 31, 2025, representing an increase of $1.1 billion or 34.5% over the comparative prior period.

The Group’s asset base grew by $73.3 billion or 11% to $739.2 billion as at January 2025 and was underpinned by the excellent performance of our loan and investment portfolios.

In furtherance of our objective to continue to return value to our shareholders, the Board of Directors has approved a dividend of 45 cents per stock unit in respect of the first quarter, which is payable on April 17, 2025, to stockholders on record as at March 26, 2025.

Audrey Tugwell Henry, Scotia Group’s President and CEO gave the following comments. “Scotia Group has delivered another solid performance for the quarter, and I am very proud of our team for their unwavering dedication and consistent service delivery to our clients. These results signal a strong start to the second year of our five-year strategy, and our goal remains to become our client’s most trusted financial partner. We continue to promote the importance of a balanced financial portfolio which incorporates banking, insurance protection and wealth, and we are committed to offering the best financial advice, earning the right to be our clients’ primary financial institution and making it easier to do business with us.”

Business Performance

Scotiabank Continues To Perform Well With Each Business Unit Delivering Commendable Results For The Quarter.

Deposits by the public increased by $34.4 billion or 7.5% versus the corresponding period last year.

Total loans increased from $275.7 billion to $312.5 billion representing an increase of 13.3%. This includes a 12% increase in Scotia Plan personal banking loans and a 24% increase in mortgage loans. Commercial loans also increased by 5% over the prior year period.

Our insurance subsidiaries continue to make a valuable contribution to the Group’s results. Net Insurance Revenues at Scotia Insurance increased by $504 million or 96% year over year and Gross Written Premiums grew by 5%. Sales at our general insurance business, Scotia Protect, increased by 53% while Gross Written Premiums increased by 71% when compared to the previous period.

Scotia Investments continues to assist clients to build wealth and navigate the complexities of the financial markets. Assets Under Management at SIJL increased by 13.3% over the comparative period demonstrating the strength of our investment advisors and asset management team.

As we advance our growth strategy, we are very pleased to see the continued appreciation in our stock price which has shown steady improvement. This demonstrates significant investor confidence in the Group and we are proud to continue returning strong value to our shareholders through both consistent dividend payments as well as capital appreciation.

Group Financial Performance

Total Revenues

Total revenues excluding expected credit losses for the year ended January 31, 2025, grew by $2.2 billion to $17.1 billion reflecting an increase of 14.9% over the prior year period. This was primarily driven by the strong growth in our loan portfolio which led to an increase in net interest income of $1.1 billion or 10% as well as an increase in other revenue of 26.2%.

Other Expenses

Other income, defined as all revenue other than interest income, increased by $1.2 billion or 26.2%.
• Net fee and commission income for the period amounted to $2.2 Billion and showed an increase of $671.8 million or 42.9% and was primarily driven by the higher volume of client transactions and activities.
• Net insurance revenue increased by $503.8 million or 96.2%, driven by higher contractual service margin releases coupled with lower insurance expenses in keeping with the performance of the portfolio, as well as an increase in transaction volumes stemming from further deepening of our client relationships.
• Net gains on financial assets amounted to $197.2 million, reflecting a year over year increase of $67 million or 51.5%, given improved market performance. 5 OPERATING

Expenses

Operating expenses totaled $9.7 billion as at January 2025 and reflected an increase of $1 billion or 11.6% when compared to the prior period. Of note, annual asset taxes recorded during the quarter totaled $1.7 billion, an increase over 2024 of $102 million or 6.4%.

Excluding the reduction in the net pension credit on our defined benefit plans, operating expenses increased by $743 million or 8.1% year over year.

Additionally, our investments in technology also contributed to the increase in operating expenses, as the Group continues to expand on our digital capabilities geared towards simplifying and streamlining our processes to make it easier for our clients to do business with us. These investments have enhanced the overall efficiency of our operations and enabled us to generate increased revenues.

Capital

Shareholders’ equity available to common shareholders totaled $150.7 billion and reflected an increase of $29.3 billion or 24.1% when compared to January 2024. This was due primarily to the re-measurement of the defined benefit pension plan assets, higher fair value gains on the investment portfolio and higher internally generated profits partially offset by dividends paid.

We continue to exceed regulatory capital requirements in all our business lines, and our strong capital position also enables us to manage increased capital adequacy requirements in the future and take advantage of growth opportunities.

Audrey Tugwell Henry, Scotia Group’s President and CEO

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The LAB’s Strategic Shift: Embracing Content Creation Amidst Evolving Financial Landscape

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Limners and Bards Limited (The LAB) headed by Kimala Bennett Chief Executive Officer, has unveiled its unaudited financial statements for the first quarter ending January 31, 2025, showcasing a nuanced performance as the company navigates a strategic pivot towards content creation. This move aims to capitalize on the burgeoning global appetite for diverse, high-quality content.

Financial Performance Overview

The LAB reported a robust quarterly revenue of $286.1 million, marking a significant 30.4% year-over-year increase. This growth was primarily driven by gains in the Production and Media segments. Gross profit reached $100.5 million, a 13% uptick from the previous year, indicating sustained operational efficiency.

However, profit before tax experienced a slight decline of 3.6%, settling at $25.2 million. This downturn is attributed to the transition from a full income tax holiday to a 50% concession, following The LAB’s fifth year on the Junior Stock Exchange. Consequently, net profit for the period stood at $21.6 million, reflecting a 17.6% decrease compared to the prior year. Despite this, the company maintains a robust balance sheet and a stable cash position.

Segment Performance

Media: Generated $142.5 million in revenue.

Production: Contributed $101.0 million.

Agency: Accounted for $42.6 million.

The net profit margin declined by 5.4%, as revenue growth was led by the lower-margin Production and Media segments, compared to the higher-margin Agency segment in the prior period. The company anticipates an Agency rebound by Q3, aligning with industry’s seasonal fluctuations.

Strategic Investments and Asset Growth

The LAB’s asset base expanded by $178.0 million, driven by strategic investments in content development. This initiative positions the company for long-term growth and revenue diversification in the “Owned” content industry.

Current assets rose to $920.6 million, while cash and cash equivalents experienced a year-over-year decline of $89.2 million.

Accounts receivable increased by $118 million, mirroring strong revenue growth. Management remains focused on optimizing credit terms through active client engagement.

Shareholders’ equity strengthened to $660.1 million, a 5.8% increase from the prior year, underscoring the company’s financial resilience.

Transition Towards Content Creation

The LAB is strategically positioning itself to harness the escalating global demand for diverse and high-quality content. With major streaming platforms, including Netflix, projected to invest $18 billion in content in 2025—an 11% increase from 2024—the appetite for fresh storytelling is evident.

The company’s “FIVE in 25” initiative, aiming to produce five films by 2025, is progressing well. Two films have been completed, with active negotiations underway with buyers and distributors. By focusing on high-performing genres such as Christmas and romance, The LAB ensures its productions cater to proven audience preferences.

Industry Outlook and Viability

The global content market is experiencing unprecedented growth. Streaming services and traditional distributors are increasingly seeking diverse narratives that resonate with a global audience. This trend presents a significant opportunity for The LAB, as its productions offer unique Jamaican perspectives with universal appeal. Engagements at international events like NATPE Global 2025 have facilitated negotiations with major distributors and networks, enhancing the company’s visibility and positioning its films for broader distribution.

Implications for Shareholders and Investors

While the strategic shift towards content creation entails upfront investments and a gestation period before realizing returns, it aligns with global industry trends favoring diverse content. The LAB’s strong financial foundation, coupled with its proactive approach to content development and strategic partnerships, suggests a forward-thinking trajectory. Shareholders and investors can anticipate potential long-term gains as the company taps into new revenue streams within the expanding content market.

Conclusion

The LAB’s recent financial performance reflects the complexities of transitioning within a dynamic industry landscape. By embracing content creation and investing in strategic initiatives, the company demonstrates adaptability and a commitment to sustainable growth. As The LAB continues to evolve, its focus on delivering compelling, culturally rich content positions it to capitalize on emerging opportunities, promising value creation for shareholders and stakeholders alike.

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Jamaica Broilers Group Faces Major Financial Setback as US Operations Struggle; Stephen Levy Resigns

In a move that signals accountability at the highest level, Mr. Stephen Levy, President of JBG’s US Operations, has resigned from both the Board and the Company, effective May 3, 2025. Levy, who has been with Jamaica Broilers since 2002, played a pivotal role in growing the US segment’s annual revenue from a modest US$10 million to over US$250 million. His departure suggests he is taking responsibility for the recent poor financial results of the US operations.

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The Jamaica Broilers Group Limited (JBG) has reported a major financial shift for the quarter ending January 25, 2025, revealing a dramatic swing from profitability to loss. The company’s unaudited financial statements highlight a net loss of $1.1 billion for the current quarter, a stark contrast to the net profit of $1.3 billion reported in the corresponding period last year. This represents a significant $2.4 billion downturn in financial performance, prompting serious concerns about the group’s operational and financial stability, particularly in its US segment.

Revenue Growth Overshadowed by Rising Costs

Despite the overall revenue of the group increasing by 5% to $24.6 billion, up from $23.6 billion in the previous year, profitability has suffered significantly. Gross profit for the current quarter stands at $4.7 billion, marking a 21% decline from the $5.95 billion recorded in the same period last year. This discrepancy suggests that the cost of goods sold or other direct expenses have outpaced revenue growth, eroding the company’s margins.

Jamaican Operations: Hurricane Beryl’s Impact

Jamaica Broilers’ domestic operations also faced difficulties, with segment profits declining by 9%—from $5.964 billion last year to $5.4 billion this quarter. While total revenue for the Jamaican segment saw a marginal 0.5% increase over the prior nine-month period, the impact of Hurricane Beryl significantly affected profitability. Increased operational costs due to hurricane-related disruptions appear to be the primary reason for the decline, signaling vulnerability to environmental and economic shocks.

US Operations in Crisis: A Steep Decline

In a move that signals accountability at the highest level, Mr. Stephen Levy, President of JBG’s US Operations, has resigned from both the Board and the Company, effective May 3, 2025.

The most alarming financial downturn occurred in JBG’s US operations. The segment reported a profit of just $922 million this period, a sharp 69% decline from the $2.192 billion earned in the corresponding period last year—a staggering $2.1 billion shortfall. Notably, revenue for the US segment grew by 5%, indicating that the decline in profit is not due to a drop in sales but rather significant increases in operational expenses, lower profit margins, or one-time extraordinary costs.

Several factors have been identified as contributing to the decline in US operations:

Expense Management Issues: Ineffective cost controls have led to higher-than-expected spending.

Operational Control Deficiencies: Weaknesses in internal procedures may have resulted in inefficiencies and potential losses.

Hurricane Flooding Challenges: External disruptions due to severe weather conditions likely compounded the operational difficulties.

The combined effect of these challenges led to the substantial decrease in US segment profitability, raising concerns about long-term sustainability and resilience.

Corporate Response and Leadership Changes

Recognizing the gravity of the situation, JBG’s corporate management has taken decisive steps to address the financial downturn. The company has engaged external advisors to assess the issues and provide expert recommendations for corrective action. Additionally, JBG is undertaking a thorough review of operational controls to identify weaknesses and implement necessary reforms.

In a move that signals accountability at the highest level, Mr. Stephen Levy, President of JBG’s US Operations, has resigned from both the Board and the Company, effective May 3, 2025. Levy, who has been with Jamaica Broilers since 2002, played a pivotal role in growing the US segment’s annual revenue from a modest US$10 million to over US$250 million. His departure suggests he is taking responsibility for the recent poor financial results of the US operations.

During this transitional period, JBG President & CEO, Mr. Christopher Levy, will oversee US operations directly, ensuring that necessary corrective measures are implemented to restore profitability and operational efficiency.

During this transitional period, JBG President & CEO, Mr. Christopher Levy, will oversee US operations directly, ensuring that necessary corrective measures are implemented to restore profitability and operational efficiency.

Looking Ahead: The Road to Recovery

Jamaica Broilers Group now faces the challenge of stabilizing its US operations while reinforcing its financial health. The company’s commitment to engaging external expertise and reassessing operational frameworks suggests a strong intent to rectify existing issues. However, investors and stakeholders will closely monitor how effectively JBG can execute these turnaround efforts.

While the departure of Stephen Levy marks the end of an era for JBG’s US segment, it also signals a crucial moment of introspection and course correction for the group. The next few quarters will be critical in determining whether JBG can regain financial stability and rebuild investor confidence in its future prospects.

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Listing GraceKennedy Financial Group on the JSE

The acquisition and delisting of Key Insurance and the potential listing of GraceKennedy Financial Group on the JSE represent a transformative strategy. This approach not only streamlines the group’s organizational structure but also positions it to capitalize on emerging opportunities in the financial services industry, ultimately driving value for customers and shareholders alike.

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GraceKennedy Financial Group’s (GKFG) recent J$403.71 million bid to acquire the remaining 27% of Key Insurance Company Limited (Key) presents a pivotal opportunity for strategic restructuring within the GraceKennedy conglomerate.

Currently holding approximately 73% of Key’s shares, GKFG’s move towards full ownership could lead to significant organizational changes, including the potential delisting of Key from the Jamaica Stock Exchange (JSE) and the subsequent listing of GKFG.

Delisting Key Insurance from the JSE

Under the JSE Main Market rules, a company may be delisted if a single shareholder controls more than 80% of its listed shares . Should GKFG’s acquisition increase its stake in Key beyond this threshold, delisting becomes a probable outcome. This would allow GraceKennedy to integrate Key’s operations more seamlessly into its financial services division, enhancing operational efficiencies and strategic alignment.

 

Listing GraceKennedy Financial Group on the JSE

Introducing GKFG as a listed entity on the JSE’s Main Market could offer several strategic advantages:

Consolidation of Financial Services: Listing GKFG would enable the consolidation of GraceKennedy’s insurance, banking, and financial subsidiaries under a single holding company. This unified structure could streamline operations, reduce redundancies, and present a cohesive financial services portfolio to investors.

Enhanced Capital Raising Opportunities: As a publicly listed entity, GKFG would have direct access to equity markets, facilitating capital raising for expansion initiatives, strategic acquisitions, and technological investments. This access is crucial for staying competitive in the rapidly evolving financial services sector.

Increased Market Visibility and Investor Confidence: A publicly traded GKFG would likely attract a broader investor base, enhancing market visibility. Transparency associated with public listings can bolster investor confidence, potentially leading to a higher valuation and increased shareholder value.

Strategic Implications and Future Outlook

The potential restructuring aligns with GraceKennedy’s long-term vision of becoming a global consumer group by 2030, focusing on both food and financial services . By fully integrating Key Insurance into GKFG and positioning GKFG as a listed entity, GraceKennedy can leverage synergies across its financial services, drive innovation, and enhance customer offerings.

Moreover, this move could set a precedent for other conglomerates in the Caribbean, demonstrating the benefits of strategic realignment and market repositioning to achieve growth and operational excellence.

In conclusion, the acquisition and delisting of Key Insurance and the potential listing of GraceKennedy Financial Group on the JSE represent a transformative strategy. This approach not only streamlines the group’s organizational structure but also positions it to capitalize on emerging opportunities in the financial services industry, ultimately driving value for customers and shareholders alike.

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GraceKennedy Financial Group Moves to Fully Acquire Key Insurance

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GraceKennedy Financial Group (GKFG), the financial services division of GraceKennedy Limited (GK), has announced a J$403.71 million takeover bid to acquire the remaining 27% of Key Insurance Company Limited (Key). This strategic move reinforces GKFG’s commitment to expanding its presence in the general insurance market while driving growth and value for customers and shareholders.

GKFG, which currently holds approximately 73% of Key’s shares, is offering J$2.70 per share. The offer opens on March 24, 2025, and closes on April 22, 2025. Deputy CEO of GKFG, Steven Whittingham, who oversees GK’s insurance segment, highlighted the benefits of the acquisition, “This transaction aligns with GK’s strategy of unlocking value in the general insurance sector. By fully incorporating Key into GKFG, we can enhance efficiencies and strengthen our competitive position. Our focus remains on innovation, customer satisfaction, long-term stability, and delivering superior products and services.”

Grace Burnett, CEO of GKFG, emphasized GK’s longstanding commitment to general insurance, “GK has been serving general insurance customers for over 50 years. Since acquiring a majority stake in Key Insurance in 2020, we have significantly strengthened its operations and expanded its market reach. Key marked its 40th anniversary in 2022 and has built a reputation for reliability and excellence over the decades. We are dedicated to preserving that legacy while driving future growth for the business.”

GraceKennedy Group CEO, Frank James, noted that the move supports GK’s Vision, which includes a focus on expanding and enhancing the Group’s financial services and delivering strong shareholder returns.

“GKFG’s bid to acquire full ownership of Key underscores GK’s commitment to maximizing stakeholder value. The transaction is expected to unlock operational efficiencies, drive synergies, and enhance customer service, solidifying Key Insurance’s role within our Group.”

Key Insurance is currently listed on the Main Market of the Jamaica Stock Exchange (JSE).

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