KINGSTON, Jamaica — NCB Financial Group Limited (NCBFG) has set up a wholly owned subsidiary, NCB Global Holdings Limited to acquire majority stake in Guardian Holdings Limited (GHL).

The financial group hopes to acquire up to 74,230,750 ordinary shares in Guardian Holding valued at US$2.35 per share.

If successful, the offer would result in NCBFG acquiring a controlling interest in GHL. Full acceptance of the offer would result in a purchase consideration of US$174,444,262.50 to the shareholders of GHL who accept the offer. It will be funded by NCBFG.

The offer was made available to shareholders of GHL earlier today and is subject to regulatory approval from Trinidad and Tobago, where GHL was incorporated, Jamaica and other countries in which GHL or its subsidiaries are regulated.

Unless extended, the offer will close on January 12, 2018.

The decision to acquire the shares in Guardian follows the 2016 acquisition of a 29.99 per cent equity interest in GHL by the NCB Group. NCB said the acquisition is aligned with the Group’s vision and will create a truly pan-Caribbean diversified financial services conglomerate.

President and Group CEO Patrick Hylton in a statement on the Jamaica Stock Exchange said, “We believe that this partnership will not only support our strategy to expand regionally, but will provide numerous growth opportunities for both NCB and GHL.”

He added that the successful completion of the offer will be a significant milestone for the NCB Group and that the company anticipates the great potential that the acquisition presents.

“This is a testament to the outstanding team we have assembled and the rapidly expanding business we have created. We are incredibly excited about the potential this acquisition can unlock for our shareholders, customers and employees – an expanded portfolio and access to new and diverse customers and markets. By leveraging GHL’s scale and resources, our regional expansion plans will be accelerated,” said NCBFG Chairman Michael Lee-Chin.

http://www.jamaicaobserver.com/latestnews/NCB_to_acquire_majority_stake_in_Guardian