NCBFG assures of company’s stability following Lee-Chin’s share sale
Published:Thursday 6:28 PM
The NCB Financial Group Limited (NCBFG) says majority shareholder Michael Lee-Chin continues to maintain confidence in the company despite the recent sale of a block of shares held by the businessman and his associated entities.
The 22,708,700 shares in the regional financial services company were sold last Friday at the price of about J$68 per share and resulted in gross proceeds of about $1.54 billion.
The share sale amounts to 1.50 per cent of Lee-Chin’s listed shareholding in NCBFG.
In a media release on Thursday, NCBFG said it understood there may be questions regarding the recent financial transactions.
However, it stressed that the shares sold account for less than one per cent of the total outstanding NCBFG shares.
“Our understanding is that these actions are driven by his diverse investment objectives, some of which he has publicly shared, and are personal. They do not have an impact on NCBFG or its strategic direction,” the company underscored.
It further stated that “Mr Lee-Chin continues to maintain confidence in NCBFG, remaining our majority shareholder and expressing his commitment to maintain this status.”
The Group also noted that it remains strong and secure, evidenced by its consistent compliance with all regulatory capital standards and ongoing profitability.
In the meantime, NCBFG also addressed the continued suspension of dividend payments, saying it will reinstate these payments as soon as possible.
“We understand the importance of dividends to our shareholders. Our commitment remains strong to reinstate dividends at the earliest opportunity, in accordance with our prudent financial management and capital retention strategy. We are dedicated to balancing shareholder returns with the long-term financial stability of our institution, as this is in the best interest of all stakeholders,” it said.
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