The National Commercial Bank (NCB) has sold 102,500,000 JMMB Group ordinary shares on September 26.
This was announced by the NCB Financial Group. It was also announced last week that PanJam Investment acquired 100-million shares or a 6.1 percent stake in the JMMB Group on September 26.
The PanJam Group’s purchase of the JMMB Group shares was funded with proceeds from a private placement of $2.7-billion in unsecured notes with a 19-month maturity.
NCB Capital Markets, a subsidiary of NCB had purchased over 428-million shares in JMMB in 2011.
The transaction at the time was said to be valued at $3.4-billion based on a closing price of $7.15 per share for the JMMB stock in Kingston.
On September 26 when the PanJam transaction took place on the Jamaica Stock Exchange, the JMMB stock price closed at $26.53 per share.
The following day, September 27, 49,000 units was traded at a price of $32.
The initial acquisition by NCB represented a 29-percent stake in JMMB, making it an associated company of the commercial bank and by extension the NCB Group.
The purchase resulted in NCB being the largest single shareholder in JMMB.