Sagicor Jamaica says it has entered into an agreement with NASDAQ to combine their tourism assets.
Sagicor advised that earlier this year Principals of its Real Estate X Fund and Sagicor Group Jamaica through its affiliated entities announced that they had entered into an agreement with NASDAQ.
Sagicor has disclosed that having met all contractual requirements, the approximately $39-billion transaction with Playa is now complete.
The entity also advised that in keeping with the terms of the transaction, Jewel Resorts and Hilton Rose Hall Resort & Spa employees will be placed on new employment contracts with Playa.
This became effective on June 1.
A series of consultative meetings were held together with Playa representatives prior to the redundancy exercise and plans for the future were outlined for staff during the initial stages of the transition.