Sagicor Life Jamaica Limited said its shareholders on Tuesday approved its new scheme of arrangement under which the group operations are to be folded into a new holding company.
Sagicor Life, Sagicor Bank and Sagicor Investments would become direct subsidiaries of the new company to be called Sagicor Group Jamaica Limited.
The scheme must be approved by the Supreme Court and the Companies Office advised.
Once approved, the shares in Sagicor Life will be exchanged for shares in Sagicor Group with no change in value, Sagicor Life reiterated on Tuesday. The company first announced the reorganisation plan at the top of August.
The new holding company will list on the Jamaica Stock Exchange, while the SLJ shares will be delisted.