Scotia Group Jamaica Limited (SGJL) has entered a deal with its majority owner, Scotiabank Caribbean Holdings Limited (SCHL), setting out a proposal to remove SGJL from the stock market through a buyout of shares not already held by SCHL.
Under the proposed deal, SCHL would acquire all SGJL shares it does not currently own for J$61.50 ($0.38) in cash per share.
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At present,
SCHL holds 71.78% of SGJL’s issued share capital.
The J$61.50 offer is about 13% above the 30-day volume-weighted average price of SGJL shares on the Jamaica Stock Exchange as of 11 June 2026, which was the final trading day before the transaction was announced.
SGJL said the move is intended to improve capital use, operating efficiency and Scotiabank’s ability to respond to market opportunities.
It added that, if completed, the proposal would not materially alter SGJL’s existing operations.
The company expects court-directed shareholder meetings to be held in the months ahead to review and vote on the proposal.
If shareholders approve it, the deal is expected to close in the fourth quarter of 2026, contingent on court approval and other standard closing requirements.
Shareholders would be able to choose settlement in either Jamaican dollars or US dollars, using the weighted average selling rate for US dollars published by the Bank of Jamaica three days before the settlement date.
In Jamaica, the Bank of Nova Scotia has operated since 1889 and has around 1,800 employees across 28 branches. As of 31 October 2025, SGJL had assets of J$774bn.
