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NCB sells Kingston Wharves stake for $3b

Published:Wednesday | September 24, 2014 | 5:05 PM

In a deal valued at about $3 billion, National Commercial Bank Jamaica Limited and subsidiary NCB Capital Markets Limited have agreed to sell their combined 32.59 per cent stake in Kingston Wharves Limited to Seaboard Corporation and Jamaica Producers Group Limited.

The transaction apportions 21 per cent to Seaboard Corp, making it the second largest shareholder, while Jamaica Producers has snapped up 11.59 per cent, which increases its stake in the port company to around 42 per cent.

Sources closely connected to the deal told The Gleaner that Jamaica Producers paid just about J$1.05 billion for the additional shares.

The port stock closed at $6.50 on Wednesday, pushing the market value of Kingston Wharves to $9.3 billion. On Tuesday the company was valued at $7.2 billion or $5.01 per share.