NCB gets green light from Finance Ministry for GHL takeover

Finance Minister Colm Imbert
Finance Minister Colm Imbert

Finance Minister Colm Imbert has granted Jamaican conglomerate NCB Global Holdings Ltd a foreign investor licence, giving the firm the green light to continue its takeover bid of local insurance company Guardian Holdings Ltd, according to a release from the ministry.

The company hopes to acquire up to 74,230,750 ordinary shares in GHL for US$2.79 per share, or about US$207 million. If successful, NCB will acquire up to 32.01 per cent shareholding in GHL. When combined with NCB's existing 29.99 per cent shareholding in GHL, the company will have an overall 62 per cent controlling interest in GHL.

Imbert had previously said that he had concerns about who owned NCB, because under the rules of the Caricom Single Market and Economy for freedom of capital, as a Jamaican company, it would not require a foreign investor licence. However, when the ownership is traced back, it turns out that actual the ownership of NCB is controlled by Portland Holdings Ltd, registered in Canada. Lee Chin is the chairman and CEO of Portland. Because of that, NCB, and all its subsidiaries as necessary, were required to apply for a foreign investor licence.

“The Minister of Finance welcomes this direct foreign investment in our local financial services sector, especially by a company with Caribbean connections, and wishes all concerned all the best in their future endeavours,” the ministry said.

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"NCB gets green light from Finance Ministry for GHL takeover"

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