Scotia Group, after listing on the Jamaica Stock Exchange since 1967, is now slated to be taken private at a buyout price of $61.50, the Group announced today.
The group reports that, based on the unanimous recommendation of a committee of independent directors of the board of directors of SGJL, it has entered into a definitive arrangement agreement with its majority shareholder, Scotiabank Caribbean Holdings Limited to take SGJL private whereby, among other things, all of the issued and outstanding shares of SGJL that SCHL does not currently own will be repurchased for $61.50 in cash per share, subject to court approval as well as the approval of SGJL’s minority shareholders.
Scotia Group released results for the year to April, with profit of $5.96 billion, up from $5 billion last year for the April quarter and $10 billion for the year to date, versus $9.2 billion in 2025. Earnings per share came in at $1.92 for the latest quarter and $3.24 for the year to date. The offer price is only 8 times the current year’s earnings, which undervalues the shares. There was also an announcement of a dividend of 45 cents per share to be paid in July.