Sat | Dec 9, 2023

NCB Financial to raise billions from stock market investors

Published:Monday | September 11, 2023 | 4:12 PM
Michael Lee-Chin, chairman of NCB Financial Group Limited.
Michael Lee-Chin, chairman of NCB Financial Group Limited.

NCB Financial Group will be approaching stock market investors to raise fresh equity capital, but needs its shareholders to approve the transaction.

The banking conglomerate plans to sell up to 300 million new shares through an additional public offering that would be valued at up to $21 billion were the offer to be made today, based on the closing stock price of $70 per share. However, the actual size of the fundraising will be determined by the share price at which the banking conglomerate eventually decides to make the offer.

The company offered no details on what it plans to do with the proceeds of the APO.

“Since every APO requires regulatory approval, no further details can be shared at this time,” NCB Financial said in a short press release. The offer also requires shareholder approval, which the company said it would seek at an extraordinary general meeting. No date was specified for the vote.

NCB Financial is Jamaica’s top banking group with assets of more than $2 trillion. The bank is one of the largest stocks on the market with a market capitalisation of $172.7 billion.