KINGSTON, Jamaica, CMC – The GraceKennedy Group is now the majority shareholder in St. Lucian company, EC Global Insurance Company Limited (EC Global), with the acquisition of an additional 50 per cent share which brings its shareholdings to 80 per cent.
GraceKennedy Financial Group Limited (GKFG) acquired the first 30 percent shareholding in 2004.
“In pursuing our vision of becoming a Global Consumer Group in Foods internationally, and in Financial Services regionally, we have been keeping a keen eye out for companies which can help us to achieve this goal,” said CEO, Courtney Campbell.
“We anticipate significant collaboration between EC Global and our other existing Insurance businesses and look forward to reaping the rewards of this investment,” he added.
EC Global is a licensed general insurance company in St. Lucia, previously owned jointly by GKFG and Eastern Caribbean Financial Holdings Limited (ECFH). ECFH will retain the remaining 20% and remain a partner in the business.
This is the second acquisition for the company since the start of the year.
In July, GraceKennedy entered into an agreement to purchase the operating assets and business (including its brand) of La Fe Foods Inc, the top Hispanic Brand in the frozen food category in Northeast USA.