News Americas, KINGSTON, Jamaica, Fri. July 1, 2011: The New York Stock Exchange could soon have another listing – this time Jamaica’s National Commercial Bank, owned by Michael Lee-Chin.
The company says it’s hoping to raise US$175 million through an initial public offering.
Existing shareholders, according to Jamaica Observer reports, will be able to participate in the IPO but only after they vote on increasing the authorized share capital of the company at a general meeting.
With an asset base of $225B as at March 2010, NCB has grown to become Jamaica’s largest financial services provider with 37.5 percent market share by assets of the commercial banking sector. Jamaican-born Canadian businessman Lee Chin became NCB’s Chairman in 2000 after his AIC Limited bought 75 percent of its stocks.
