Scotia Group Jamaica’s majority shareholder has raised its proposed buyout price for minority shareholders to J$75 per stock unit, up from J$61.50. The revised offer is about 22% higher than the original price announced in June.

Scotia Group Jamaica said on Tuesday, September 29, that Scotiabank Caribbean Holdings Limited had improved its proposal and that the companies amended their June 11 arrangement agreement to reflect the new price. The other terms and conditions remain unchanged.

How does J$75 compare with the share price?

The company says J$75 is approximately 38% above the 30-trading-day volume-weighted average price of Scotia Group Jamaica shares on June 11, the last trading day before the proposed transaction was announced. It is also about 27% above the share’s September 28 closing price, the last trading day before the revised offer was announced. Those premiums use different comparison dates and should not be confused with the roughly 22% increase from the original J$61.50 offer.

According to the company, the improved price reflects Scotia Group Jamaica’s significant second- and third-quarter results. Some large institutional investors have agreed to support the transaction at the revised price; together, they hold 21.12% of the minority shareholding.

What happens next?

Minority shareholders are scheduled to meet at 11 a.m. on October 7, 2026, at the AC Marriott to vote on the proposed transaction. The revised price does not change the meeting timetable. If shareholders approve the deal, completion is expected in the fourth quarter of 2026, subject to court approval and other customary conditions. The buyout has not yet been completed.

Shareholders may elect payment in Jamaican or United States dollars. The US dollar amount would be calculated using the Bank of Jamaica’s weighted average selling rate published three days before settlement.

Shareholders who have already sent in a proxy and want to change their vote can submit a new one by 11 a.m. on October 5, following the instructions in the July 21 Scheme Booklet. A new proxy supersedes the earlier one; shareholders who do not want to change their vote need take no further action. Attending the minority shareholder meeting in person automatically revokes a previously submitted proxy.

Source: Scotia Group Jamaica press release, September 29, 2026.