Sagicor Financial Corporation Ltd Notice of material change (1627F)
25 October 2018 - 6:29PM
UK Regulatory
TIDMSFI
RNS Number : 1627F
Sagicor Financial Corporation Ltd
25 October 2018
SAGICOR FINANCIAL CORPORATION LIMITED
NOTICE OF MATERIAL CHANGE
On September 7, 2018 the Government of Barbados (GoB) entered
into a Staff-Level Agreement with the International Monetary Fund
(IMF) to provide financial and technical assistance. As part of the
programme, the GoB launched a Debt Exchange Offer for GoB Domestic
Barbados dollar debt holders on September 7, 2018. The GoB
announced on October 15, 2018 that its Exchange Offer received
unanimous support from the domestic creditors. A restructuring plan
has not yet been announced for the External US dollar denominated
debt.
The Sagicor Group holds approximately US $333 million in GoB
debt, of which US $297 million is domestic Barbados-dollar
denominated debt.
The Sagicor Group has estimated the net impact of the credit
events on GoB debt to shareholders at approximately US $30 million,
as at June 30, 2018 based on information available at that time. We
are in the process of revising our estimates based on the completed
Exchange Offer and the
revised impact will be reflected in our Q3, 2018 results, due to
be published on November 14, 2018.
The Sagicor Group's capital adequacy ratio after the completed
Exchange Offer is expected to be in the region of 230% after any
additional provision in Q3, 2018 results. The capital adequacy
ratio remains above the Group's target ratio of 175%.
About Sagicor Financial Corporation Limited
Sagicor is the leading financial services provider in the
Caribbean, operating in 23 countries including the USA and Latin
America, dating back to 1840. With total assets of US $6.8 billion,
and US $932 million in capital as at December 2017, Sagicor
Financial offers a wide range of products and services, including
life, health, and general insurance, banking, pensions, annuities
and real estate, and has an insured base of approximately two (2)
million. A widely-held publicly-traded company, with approximately
37,000 Shareholders, Sagicor is listed on the stock exchanges of
Barbados, Trinidad & Tobago and London.
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END
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