Trinidad & Tobago-based insurance and financial company Guardian Holdings (GHL) plans to dispose of its interests in RBTT Financial Holdings and Panama's Grupo Mundial, GHL chairman Arthur Lok said in its quarterly earnings statement to shareholders.
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"These transactions will have a significant impact on our profit and loss account, and will substantially strengthen our balance sheet and enable us to pursue new opportunities to enhance share value," Lok said in the statement.
Last year Canada's largest bank Royal Bank of Canada (NYSE: RY) agreed to buy RBTT for TT$13.8bn (US$2.2bn).
Lok said the acquisition by Royal Bank of Canada of RBTT is expected to be completed by the end of June. "We anticipate the group will derive a net profit of approximately TT$150mn from this transaction," he said in the statement.
Regarding Grupo Mundial, GHL started the process to sell its 20% stake in Mundial and expects a profit of some TT$300mn from this transaction.
