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March 7, 2008 |
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NATIONAL COMMERCIAL: AIC Barbados Sells 13.6MM Shares in Firm AIC Barbados Limited has sold 13.6 million shares in the National Commercial Bank, The Jamaica Gleaner reports. AIC Barbados could be looking for cash to fund an acquisition, The Gleaner says, citing market sources. According to The Gleaner, AIC Barbados has sold 1.5% of its holdings in National Commercial since November 2007 for an estimated US$630 million. AIC Barbados has either purchased a new asset and is seeking equity for the payment, or is about to make a new purchase, The Gleaner says, citing sources. AIC Barbados owner Michael Lee Chin has acquired a number of businesses -- which include insurance, media, tourism, and medical services -- in Jamaica since he bought the National Commercial in 2002, The Gleaner states. Headquartered in Kingston, Jamaica, the National Commercial Bank Jamaica Limited -- http://www.jncb.com/ -- provides commercial and retail banking, wealth management services. The company's services include personal banking, business banking, mortgage loans, wealth management and insurance services. Founded in 1977, the bank primarily operates in West Indies and the UK. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 18, 2006, Standard & Poor's Rating Services affirmed its 'B/B' counterparty credit and CD ratings on National Commercial Bank Jamaica Ltd. S&P said the outlook is stable. As reported in the Troubled Company Reporter-Latin America on May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica- based National Commercial Bank Jamaica Limited: long-term foreign and local currency Issuer Default at 'B+'; short-term foreign and local currency rating at 'B'; individual at 'D'; and support at 4. The rating outlook on the bank's ratings is stable, in line with Fitch's view of the sovereign's creditworthiness. |
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