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Barbados: $86 MILLION BLOW-Sagicor takes hit after taking up Gov’t debt exchange offer

SAGICOR Financial Corporation has suffered a hit of $86 million (US$43.0 million) as a result of its participation in the Government of Barbados controversial debt exchange programme.

This figure was given to the media yesterday during a news conference Sagicor hosted at its Cecil deCaires Office, Wildey, St. Michael.

Sagicor officials, Group President and CEO, Dodridge Miller; Ravi Rambarran, Group Chief Operating Officer; and Edward Clarke, Executive Vice President and General Manager, Barbados Operations, spoke to the media at the breakfast function.

Miller said that while the company’s shareholders have taken the blow, there is a sufficient capital that allows the company to participate in the exchange. He told the media that Sagicor is still strong with 257 per cent risk based capital ratio, which is in line with international best practices. “Shareholder value may have been impacted, but not impaired and therefore shareholders will not see the impact of this,” Miller assured. He said that immediately after taking part in the exchange, the company’s Directors declared a dividend which was in line with what was declared in previous years. “So shareholders will see Sagicor as a very strong company diversified across 22 countries and which can actually withstand the impact of actions in one country,” said Miller.

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