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Key Insurance General Manager Tammara Glaves-Hucey.
Key Insurance Company Limited, a general insurance provider acquired by the GraceKennedy Financial Group in 2020, has secured a potential buyer for a property it owns in New Kingston.
The company, which has been making losses for the past few years, is restructuring operations to regain profitability.
The building which it has placed on the market has a carrying value of $ 226.58 million.
Key Insurance ended 2020 with net losses of $299.66 million, compared to losses of $267.48 million in 2019.
Directors, in a report for the 2020 financial year, said the company has entered into an arrangement to sell the investment property located on Knutsford Boulevard.
Key to raise $670m in rights issue jamaica-gleaner.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jamaica-gleaner.com Daily Mail and Mail on Sunday newspapers.
Key Insurance Company Limited has entered into an agreement for the divestment of its investment property located at 18-22 Knutsford Boulevard in St Andrew.
The sale of the property will be completed in the first quarter of 2021, the company said Wednesday.
The insurance company has also launched a renounceable rights issue with the aim of raising equity funding of approximately J$670 million.
In March 2020, GraceKennedy, through its wholly owned subsidiary, GraceKennedy Financial Group Limited, acquired 65 per cent of Key s share capital.
Chairman of Key Insurance, Don Wehby said that the rights issue is one component of the overall strategy implemented by Key’s board and management team in 2020 geared towards strengthening the company’s capital base so as to ensure regulatory compliance and future growth.