AMCL, Sagicor deal sealed
AMCL Holdings Limited, a subsidiary of ANSA McAL in Trinidad and Tobago, has completed an agreement with Sagicor Life to sell Sagicor’s 2.8 million shares in ANSA McAL Barbados Limited for $33.53 million.
The shareholding represented 23 per cent of ANSA McAL Barbados’ stock and brought AMCL’s ownership of ANSA McAL Barbados to 71 per cent.
As a result, AMCL Holdings has moved swiftly to notify the Barbados Stock Exchange and the Securities Commission of its intention to make a takeover bid for the remaining shares in ANSA McAL Barbados.
In a recent interview from Trinidad and Tobago, the ANSA McAL group’s chief operating officer Gerry Brooks said his company and Sagicor had been in discussions for some time.
The executive said his company’s focus was on paring down its debt.
He said there were about 3.3 million ANSA McAL Barbados shares outstanding and the holding company wanted to acquire them.
Brooks said the Trinidad company would soon make an offer to local shareholders . (GE)