Sagicor Group Jamaica Postpones Dividend Payments
FOR IMMEDIATE RELEASE
Kingston, Jamaica | April 24, 2020 - Sagicor Group Jamaica has announced the postponement of its previously declared interim dividend payment of 40 cents per stock unit, following the recommendation from the Bank of Jamaica to all Financial Holding Companies.
Peter Melhado, Chairman of Sagicor Group Jamaica said “Despite the fact that our funding and liquidity position would have comfortably allowed us to support the previously announced dividend, we have acceded to the request by the Bank of Jamaica to Financial Holding Companies as set out in its Public Notice of today’s date. We sincerely regret the short-term impact this will have on shareholders, however, our decision is aligned with our Regulator’s wishes and represents our commitment to Jamaica and the financial sector in light of the global COVID-19 pandemic.”
Sagicor Group Jamaica also noted that as soon as the Bank of Jamaica advises that it is appropriate, the company will follow the prescribed guidelines of the Jamaica Stock Exchange and pay out the postponed dividend to shareholders on record as of April 24, 2020.