Sagicor Group Jamaica Ltd is winding down its operations in Sagicor Real Estate X Fund Ltd (XFUND) as they seek out more profitable ventures.
X Fund, which once controlled various lodgings, presently possesses a single hospitality property – The DoubleTree Orlando inn in Florida – having auctioned off the vast majority of the resources for Playa Lodgings and Resorts. The X Fund today is a mere far cry from where it was.
The ramifications for Doubletree’s possession were not promptly clear as the reports coming out are not telling us what will happen to the property.
Sagicor Group said that on with this decision, two of its directors, Sagicor Group President and CEO Christopher and Sagicor Financial Company President and CEO Dodridge Mill operator, demitted office as directors on Friday.
Zacca states this move is for the betterment of the company and its strategic outlook.
“It is expected that the independence of X Fund will allow more rapid decision-making and the possibility to take a divergent strategic path than imagined as part of the Sagicor Group; it also frees the X Fund of any potential regulatory constraints imposed on X Fund as part of a financial group,” Zacca told the Financial Gleaner via email.
No name change was declared with Sagicor’s exit from its X Fund possessions and board enrollment,
Sagicor Group had been selling its portions of X Fund since recently. By June 30, the gathering shareholding had declined to 12.5 percent or 281.5 million offers from 21.1 percent or 473.4 million offers as at December 2021.
