Sagicor to pay dividends to shareholders with shareholdings under 1%

June 03, 2020

Via Jamaica Observer

ON Monday, financial conglomerate Sagicor Group Jamaica Limited announced that it will begin to pay dividends to shareholders holding one per cent or less of issued shares, as at April 24, 2020, on June 11 following approval from the Bank of Jamaica (BOJ).

Sagicor had postponed its previously declared interim dividend payment of 40 cents per stock unit, due to the suspension of dividends for the 2020 financial year from financial holding companies and deposit- taking institutions – as instituted by BOJ.

The central bank said the suspension is being done with a view to conserve capital and further enhance licensees' lending and loss-absorption capacities.

According to Chairman Peter Melhado, the group's funding and liquidity position will comfortably allow it to support the payout of the previously announced dividend to its shareholders who were adversely impacted by the suspension.