Dec 2018 Financial News

NCB Financial Group Limited - Notice of Sale of Subsidiary's Holding in JMMB Group Limited

Dec 28, 2018

NCB Financial Group Limited ('NCBFG') announces Sale of Subsidiary's Holding in JMMB Group Limited ('JMMB')
 

NCBFG announces the sale by National Commercial Bank Jamaica Limited (NCBJ), a subsidiary of NCBFG, of its shares in JMMB. On December 27, 2018, NCBJ sold 326,277,325 shares in KMMB at a price of $28.25 per share, yielding gross proceeds of sale in excess of $9 billion. Resulting from the sale, NCBJ no longer holds an equity interest in JMMB. JMMB will therefore not continue to be an associated company of NCBJ and NCBFG. NCBFG will recognise a gain of nearly $3 billion on the sale of the shares. NCB Capital Markets Limited acted as exclusive financial advisor and broker to the NCBJ for the transaction.

NCB Financial Group is the largest and most profitable financial services conglomerate in Jamaica with roots dating back to 1837. Through its banking, wealth management, life and general insurance, and offshore banking subsidiaries, NCB provides a wide array of financial products and services to meet the needs of individual and business clients in Jamaica, Cayman Islands, Trinidad & Tobago, Barbados and Bermuda. In May 2016, NCB acquired a 29.99% shareholding in GHL, the parent company of the Guardian Group.

 

Source:
The Trinidad and Tobago Stock Exchange Limited
Friday 28 December, 2018