Jul 2016 Financial News

NCB withdraws US IPO

Jul 01, 2016

The National Commercial Bank Jamaica Ltd (NCBJ) has written to the Securities and Exchange Commission (SEC) in the United States requesting a withdrawal of its Initial Public Offering (IPO) filed four years ago on the New York Stock Exchange (NYSE), according to a company news release.

However, the company may consider a public offering process in the future in the event market conditions are desirable.

NCBJ initially filed a registration statement with the SEC in May 2012 in connection with the intended IPO, but took a decision to postpone the IPO as market conditions were not conducive to getting a price considered acceptable at the time, the release said.

“Conditions over the last few years did not warrant a change in this position. Now, given the prolonged state of postponement, the decision has been made to formally withdraw the registration statement,” the release stated.

Source:
Jamaica Observer
Friday July 1, 2016

http://www.jamaicaobserver.com/business/NCB-withdraws-US-IPO_65708