Express Business Filler #1

This week, we at Bourse provide an update on the progress of the proposed Alignvest-Sagicor transaction, with the shareholder meeting having been held on June 4th, 2019. We also review the latest financial results of Jamaica Money Market Brokers Group Ltd (JMMBGL), whose performance will likely be influenced by ‘New Sagicor’ going forward.

Sagicor Financial Corporation Ltd (SFC)

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Sagicor Financial Corporation Ltd (SFC) shareholders gave their resounding support for the proposed acquisition by Alignvest Acquisition II Corporation (AQY), at the Scheme of Arrangement meeting on 4th June, 2019. Of the shareholders casting their votes in person or by proxy, 94.2 per cent voted in favour of the transaction. 

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This week, we review the financial performance of FirstCaribbean International Bank Ltd (FCI) and Scotiabank Trinidad and Tobago Ltd (SBTT), for the first half of their respective financial years ended April 30. While both banks remained profitable, overall net profits were driven in opposite directions due to certain tax-related events.

The University of the West Indies and Lake Asphalt have signed a licence agreement that will see Lake Asphalt commercialising two “superior” asphalt-based products developed by the university.

WHEN someone has attained the status of a judge, minister or Member of Parliament and they retire with a pension of a couple thousand dollars, people laugh at them.

ECONOMIST Dr Terrence Farrell believes the role of State-owned National Gas Company (NGC) needs to be re-examined and that the price the NGC pays to upstreamers for natural gas should be disclosed.