Minority shareholders in Scotia Group Jamaica (SGJ) voted on Wednesday to accept a $75-a-share buyout from Scotiabank Caribbean Holdings, putting the largest company on the Jamaica Stock Exchange (JSE) on course to leave the market after 57 years.

The vote was held under a court-directed scheme of arrangement. A preliminary count showed 77 per cent of shareholders by number, holding 97 per cent of the stock voted, backed the offer. Final results were expected on Thursday.

The scheme still requires Supreme Court approval. The final sanction hearing is set for October 30. If the court signs off, the holding company will pay minority shareholders, and SGJ will be delisted.

Reports differ on the size of the payout. The total consideration seems to land at approximately $64 billion

SGJ shares closed at $72.87 on Wednesday, 2.8 per cent below the offer price.

The exit will reshape the local market. SGJ had a market capitalisation of $226.75 billion at September 30, equal to 10.55 per cent of the JSE Main Market, and it is the exchange’s most profitable company. Delisting removes one of the main index’s heaviest weights.

It also hands cash back to investors. Pension funds and retail shareholders stand to receive tens of billions of dollars once the scheme takes effect, money they will need to reinvest in a market that has just lost its biggest stock.

Payment to shareholders and the delisting date depend on the court’s ruling on October 30.