Pan-Jam rules out acquisition of controlling stake in Sagicor Life

Pan-Jamaican Investments has signalled that it has no intention of  acquiring a controlling stake in Sagicor Life Jamaica.

This comes two weeks after it paid more than 3 billion dollars for a further 8 percent in Sagicor to boost its equity in the company to roughly a third. 

The increased stake in the company came as Pan Jam bought 299 million Sagicor Life shares giving it 32 point 7 percent ownership of  the life insurance company.

Pan Jam has informed the Jamaica Stock Exchange that the purpose of  the acquisition is in keeping with its philosophy of  capital management, providing returns to its shareholders while maintaining a conservative capital structure.