Scotia Group Jamaica to delist from Jamaica Stock Exchange after buyout deal
Key Points(5)
- Scotia Group Jamaica Limited (SGJL) is set to be taken private and delisted from the Jamaica Stock Exchange after its majority shareholder, Scotiabank Caribbean Holdings Limited, announced plans to acquire the remaining shares it does not already own.
- The company said Friday it has entered into a definitive arrangement agreement with Scotiabank Caribbean Holdings Limited (SCHL), which currently holds 71.78% of SGJL’s issued and outstanding shares.
- The proposed transaction would see all remaining minority shares repurchased at J$61.50 in cash per share.
- SGJL said the move, if completed, is not expected to have any material impact on its current operations.
- The transaction is subject to court approval, approval from minority shareholders, and other customary closing conditions.
Scotia Group Jamaica Limited (SGJL) is set to be taken private and delisted from the Jamaica Stock Exchange after its majority shareholder, Scotiabank Caribbean Holdings Limited, announced plans to acquire the remaining shares it does not already own.
The company said Friday it has entered into a definitive arrangement agreement with Scotiabank Caribbean Holdings Limited (SCHL), which currently holds 71.78% of SGJL’s issued and outstanding shares. The proposed transaction would see all remaining minority shares repurchased at J$61.50 in cash per share.
SGJL said the move, if completed, is not expected to have any material impact on its current operations.
The transaction is subject to court approval, approval from minority shareholders, and other customary closing conditions. It will be executed through a court-approved scheme of arrangement under Jamaica’s Companies Act (2004).
The purchase price represents a premium of approximately 13% to the 30-day volume-weighted average trading price of SGJL shares as of June 11, 2026, the last trading day before the announcement.
Scotia Group said the decision to proceed with the privatization was made following the unanimous recommendation of a committee of independent directors of its board.
Scotiabank said the move is part of a broader strategy to optimize capital and improve operational efficiency across its regional footprint.
The total cash consideration for minority shareholders is estimated at approximately C$0.5 billion, with an expected impact on the Common Equity Tier 1 (CET1) ratio of about five basis points at closing.
If approved, SGJL will hold a meeting of minority shareholders in the coming months to vote on the transaction. The deal is expected to close in the fourth quarter of 2026, subject to court approval and other regulatory and procedural requirements. Following completion, SGJL shares will be removed from the Jamaica Stock Exchange.
Scotiabank Caribbean Holdings Limited currently owns a controlling stake in SGJL and would become the sole owner of the company upon completion of the transaction.
