JavaScript is disabled in your web browser or browser is too old to support JavaScript. Today almost all web pages contain JavaScript, a scripting programming language that runs on visitor's web browser. It makes web pages functional for specific purposes and if disabled for some reason, the content or the functionality of the web page can be limited or unavailable.

Sunday, July 27, 2025

NCBFG extends APO closure date

by

Anthony Wilson
427 days ago
20240526
NCBFG chairman and founder, Michael Lee-Chin

NCBFG chairman and founder, Michael Lee-Chin

Ja­maica’s NCB Fi­nan­cial Group (NCBFG) an­nounced on Fri­day that it will be ex­tend­ing its Ad­di­tion­al Pub­lic Of­fer­ing (APO) of shares in the group by one week. 

The an­nounce­ment came in a no­tice on the web­sites of the Ja­maica and T&T stock ex­changes, where NCBFG is list­ed.

The APO opened on May 6, and was orig­i­nal­ly sched­uled to close on Mon­day. The new dead­line for the clo­sure of the APO is June 3. 

“The ex­ten­sion is in re­sponse to re­quests by po­ten­tial in­vestors for ad­di­tion­al time and is in­tend­ed to en­sure the broad­est pos­si­ble par­tic­i­pa­tion of in­vestors,” said NCBFG in the no­tice.

The APO in­vit­ed of­fers to ac­quire 78,500,000 new or­di­nary shares in NCBFG, with the abil­i­ty to up­size the of­fer to a max­i­mum of 117,750,000 shares.

The price of the of­fer­ing is J$65 per share, which means the APO would gross J$5.09 bil­lion (US$32.6 mil­lion) if it were ful­ly sub­scribed. If the APO is up­sized, it could gross J$7.65 bil­lion (US$49 mil­lion).

Al­though NCBFG is cross-list­ed on the T&T Stock Ex­change, the APO was not mar­ket­ed to the T&T mar­ket.

In a mes­sage to prospec­tive in­vestors in the prospec­tus of the APO, NCBFG chair­man Michael Lee-Chin said one of the rea­sons for the of­fer­ing is to re­duce the lev­els of debt at the fi­nan­cial hold­ing com­pa­ny. 

“We in­tend to use the net pro­ceeds from this in­vi­ta­tion to sup­port a part of our de­lib­er­ate cap­i­tal re­cal­i­bra­tion with a fo­cus on delever­ag­ing and bol­ster­ing cap­i­tal bases,” Lee-Chin wrote. 

The Ja­maica Ob­serv­er re­port­ed on April 28: “NCBFG, the stand-alone hold­ing com­pa­ny, cur­rent­ly has $36.84 bil­lion (US$236.1 mil­lion) in debt due be­tween Oc­to­ber 1, 2023, and Sep­tem­ber 30, 2024, rel­a­tive to its to­tal debt load of $93.51 bil­lion (US$599.4 mil­lion).”

In its May 9 re­port of its unau­dit­ed fi­nan­cials, NCBFG record­ed J$8.65 bil­lion in net prof­it at­trib­ut­able to share­hold­ers of the com­pa­ny for the six months end­ed March 31, 2024. That is an im­prove­ment of 88.8 per cent com­pared to the six months end­ing March 31, 2023. 

Lee-Chin is the ma­jor­i­ty share­hold­er of NCBFG.


Related articles

Sponsored

Weather

PORT OF SPAIN WEATHER

Sponsored