NCBJ’s IPO Postponed

The Board of Directors of National Commercial Bank Jamaica Limited (NCBJ) will consider a dividend payment at a meeting to be held on Thursday February 14, 2013.

 

NCBJ has advised that the company recently filed amendments to its registration statement with the U.S. Securities and Exchange Commission, in the context of the company’s public offering in the United States. The company’s recent registration statement indicates that marketing activities in respect of its public offering commenced on January 24, 2013 and that the offering was expected to price on February 6, 2013. The transaction was met with strong investor interest, but price was forming below the range that the Company was willing to accept. Potential investors emphasized the attractiveness of the company as an investment opportunity and the strong performance of the management team, while acknowledging certain macro-economic factors and uncertainties regarding Jamaica that weighed on their investment decision. On the advice of the company’s investment bankers, the company has decided to postpone the IPO until conditions become more favourable.