Food and financial conglomerate GraceKennedy Limited has paid over $637.7 million for the acquisition of Scotia Insurance Eastern Caribbean Limited, SIECL, but has a second payment of $476 million to meet next October. The disclosure of the payments, amounting to more than $1.1 billion, comes at the completion of the deal on July 31.

“If you look at the total population of those countries that Scotia Eastern Caribbean operates in, it’s abt 650 [thousand] people so that’s a little over half the population of Kingston, but the GDP per capita for those countries are very high.  In some cases, they are five times Jamaica’s GDP per capita, so there is depth of market,” said Lindo. 

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