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The Sagicor Jamaica Building in New Kingston (File photo)

Sagicor Group Ja exec makes case for public-private partnerships

The Sagicor Jamaica Building in New Kingston (File photo)

Sagicor Group Jamaica Limited is positioning itself to broker public-private partnership (PPP) deals as the Government of Jamaica “charts the course for economic recovery” post-COVID-19.

The group’s executive vice-president and chief investment officer, Sean Newman, recently disclosed that at the 16th Jamaica Stock Exchange Regional Investments and Capital Markets Conference that the multifaceted financial services provider has strategically prioritised brokering PPPs as part of efforts to support the advancement of the Jamaican economy.

Sean Newman, executive vice-president and chief investment officer, Sagicor Group Jamaica, speaking at the 16th Jamaica Stock Exchange Regional Investments and Capital Markets Conference

“Sagicor is committed to playing an integral role in the growth and development of our country. Our team is dedicated, and laser-focused on the prospects within the public sector and identifying how we, in partnership with the government can provide opportunities for Jamaicans to create, grow and preserve their wealth through investing,” he stated.

Newman made the disclosure while participating in a panel discussion on ‘Investing in Capital Markets — Public Private Sectors Way Forward’ at The Jamaica Pegasus hotel in New Kingston on Wednesday, January 27.

“I am encouraged by the deals we have in the pipeline and look forward to moving our country forward through the various partnerships”

— Sean Newman, executive vice-president and chief investment officer, Sagicor Group Jamaica

Over the last two years, the group’s investment arm, Sagicor Investments Jamaica Limited, has raised and brokered over JM$101 billion in deals and transactions for entities across several industries, making it one of the leading capital markets managers locally. As a result of this success, the investment company is looking to continue along this trajectory.

Newman, therefore, noted that PPPs will help to generate activity within the market and support the country’s economic recovery efforts, following the impact of the pandemic on the economy.

‘Leading’ Government divestment

His pronouncements came on the heels of Prime Minister Andrew Holness’s recently reminding the public of the Government’s plans to divest its shares in several State-owned agencies over the short to medium term.

Prime Minister Andrew Holness addresses a virtual press briefing on Monday (May 4) at the Office of the Prime Minister. (Photo: JIS)

In fact, Sagicor Investments will be the lead arranger and lead broker for the public divestment of the Jamaica Mortgage Bank (JMB), one of the entities the Government will divest later this year.

In addition, the Government will divest The Soapberry Wastewater Treatment Plant this year and Newman shared that Sagicor Investments has already expressed a strong interest in leading on that transaction, as well as all other government divestments to come.

(File photo)

“I am encouraged by the deals we have in the pipeline and look forward to moving our country forward through the various partnerships,” Newman said.