Spirits conglomerate Lascelles deMercado has indicated it has identified a preferred party for the acquisition of Globe Insurance Company of Jamaica and is currently undertaking due diligence of the potential purchaser.
Lascelles has advised the Jamaica Stock Exchange (JSE) that several companies have expressed an interest in negotiating for the purchase of the subsidiary.
The board of Lascelles instructed its advisors to identify a preferred party from those expressing an interest in acquiring the insurance company and allow them the opportunity to undertake full due diligence.
“One such party has been identified and the due diligence process is now underway,” said the market filing.
“As yet, there has been no final decision to sell Globe and neither is there in place any binding commitment on either side to proceed with any transaction at any price,” said the statement to the JSE.
Globe Insurance, which operates as a commercial property and liability insurance company providing car, marine, liability, and engineering insurance products for business and personal needs, is listed among Lascelles’ most notable subsidiaries.