Lee-Chin touts touts win-win opportunity in NCB APO Loop Jamaica

The content originally appeared on: Jamaica News Loop News

Chairman of the National Commercial Bank Financial Group (NCBFG), Michael Lee-Chin is describing the group’s upcoming Additional Public Offering (APO) as a win-win opportunity for both investors and NCBFG.

The NCB Financial Group is seeking to raise approximately $5.1 billion via the APO.

The company published the prospectus last Thursday and indicated that the offer will open on May 6, and should run until May 27.

“I am personally inviting every single Jamaican to participate in this, the APO of NCBFG, because it is one of the best opportunities to create wealth for your family and yourself through ownership of the largest business in Jamaica, which touches every single Jamaican directly or indirectly”, Lee-Chin said.

The NCBFG Chairman noted that every single Jamaican, directly or indirectly, does business with NCB, either through their point of sale, terminal ABM, payroll, insurance, loans or investment.

He further outlined why the APO offers exciting prospects for NCBFG, its customers and potential investors.

“There’s a saying, if you buy the milk, you should own the cow. So, there’s a tremendous opportunity here and our track record speaks for itself. Had you bought in 2002 when I came and bought the National Commercial bank, the share price then was approximately $2. It went up to in $2019 to $220, which is 110 times we have the track record of creating a lot of wealth and we’re not going to stop now. Secondly, you’re actually co-investing with myself. I own 50 per cent of the bank, and therefore anyone who buys shares, they’ll also own a company piece. Be a partner with me personally, so we are aligned in creating wealth together”, Lee-Chin commented.

The NCBFG Chairman further commented that the share price is being offered at a reasonable rate.

“Thirdly, the price is inexpensive. Trading at less than $65, it will less than book value. And over the past years, between 2002 and 2019, the price valuation has ranged up to three times book value. So for $6,500, every single Jamaican can participate in this APO. I welcome you. Join me. It’s a win-win situation for you and for the financial institution of NCBFG”, Lee-Chin concluded.

According to NCBFB, 78.5 million new ordinary shares will be on offer, with the option to upsize to 117.8 million shares.   

The general pool of shares will be sold at J$65 each.