December 28, 2018
NCBFG Financial Group Limited (NCBFG) has announces the sale by National Commercial Bank Jamaica Limited (NCBJ), a subsidiary of NCBFG, of its shares in JMMB. On December 27, 2018, NCBJ sold 326,277,325 shares in JMMB at a price of $28.25 per share, yielding gross proceeds of sale in excess of $9 billion. Resulting from the sale, NCBJ no longer holds an equity interest in JMMB. JMMB will therefore not continue to be an associated company of NCBJ and NCBFG. NCBFG will recognise a gain of nearly $3 billion on the sale of the shares. NCB Capital Markets Limited acted as exclusive financial advisor and broker to NCBJ for the transaction.
For further details, please visit the website, www.jamstockex.com.
NCBFG has also advised a connected party purchased 65,513 NCBFG shares and that a connected party sold 109,976 NCBFG shares. These transactions were conducted on December 21, 2018.