Scotiabank has increased its offer for minority shares in Scotia Group Jamaica (SGJ) from J$61.50 to J$75 per share, just days before shareholders are scheduled to vote on the proposal.

The revised offer values the approximately 848 million SGJ shares not already owned by Scotiabank at about J$63.6 billion, compared with roughly J$52.1 billion under the previous offer. The increase represents approximately J$11.4 billion in additional value based on the number of shares involved.

The proposed transaction has attracted attention across Jamaica's financial and investment markets because it could change the ownership structure of one of the country's major banking groups.

Shareholders are expected to consider the revised proposal as the process moves toward the scheduled vote. The development comes as Jamaica's capital market continues to monitor major corporate transactions involving financial institutions.

The higher offer puts a new valuation figure on Scotiabank's proposed acquisition of the remaining Scotia Group Jamaica shares and gives minority shareholders an updated proposal to consider.