The NCB Financial Group is making an additional public offering of 300 million shares in order to raise significant capital.

In a release this week NCBFG said a decision was made on September 8 for the company to consider the issue of new ordinary shares and to apply for listing the shares.

At a current share price of just under $70, a successful APO would see the company’s capital base expand by over $20 billion.

The company says it will in due course issue a notice regarding arrangements for an extraordinary general meeting.

The announcement follows major structural adjustments and belt tightening at the institution which has been unable to pay dividends since 2021, much to the frustration of NCB Chairman, Michael Lee-Chin.

However, Mr. Lee-Chin who is also the group’s largest shareholder, says he’s putting the company back on track so the payment of dividends will resume in short order.