Key Insurance launches rights issue

Key Insurance has announced that its rights issue has been launched. 

 

The rights issue was approved at Key's 2020 Annual General Meeting on October 22.

 

Through the rights issue, Key hopes to raise equity funding of approximately J$670 million by offering existing shareholders the right to subscribe for additional shares in the company, in proportion to their existing stockholdings.

 

GK Group CEO Don Wehby, who is chairman of Key Insurance, says the rights issue will be critical to the implementation of Key's vision and strategic plan, which focuses on achieving profitability targets and sustainable long-term growth, which in turn will provide an attractive return on investment to shareholders.

 

In March this year, GK, through its wholly owned subsidiary, GraceKennedy Financial Group, acquired 65 per cent of the share capital of Key.