Key Insurance Company Limited will graduate to the Main Market of the Jamaica Stock Exchange (JSE) today, April 8.
Key, which had the majority of its stake bought out by the GraceKenendy Group recently, shared the notice on the JSE’s website after receiving approval to advance from the Junior Market on April 7.
GraceKennedy’s offer to acquire 65 per cent of Key Insurance was made on January 20 and closed March 2.
At the time of closure, chief executive office of GraceKennedy Group, Don Wehby, said “At GraceKennedy’s recently held investor briefing, I indicated that the ‘Key’ brand is strong, and well respected in the Jamaican market, and that we feel it will be a success story for GK. Now that the deal is completed, we can roll out the strategy to ensuring that this comes to fruition.”
Wehby continued “We have four strategic drivers with clearly defined and measurable deliverables. They are: sustainable growth and innovation, consumer centricity, improved business processes for greater efficiency and a performance driven culture, underpinned by strong change management principles.”
The move to the Main Market is the latest change at the company which has seen the recent departure of most of its board members, followed by significant replacements by GraceKennedy executives.
Key Insurance’s acquisition will be part of GraceKennedy’s plans to further strengthen and expand its Financial Services Division.
Key will be the latest member of the GraceKennedy Financial Group, which includes Western Union, Bill Express, FX Trader, GK General Insurance, Allied Insurance Brokers, GK Capital and First Global Bank.
Key Insurance became the twenty-ninth company to list on the Junior Market on March 31, 2016.