The Jamaica-based NCB Financial Group Limited (NCBGF) has made a bid for majority shares in Trinidad-based Guardian Holdings Limited (GHL) more than a year after it had acquired nearly 30 per cent ownership in the company.
In a notice to shareholders, GHL said that it had received a bid from NCBGF last week, through its wholly owned subsidiary, NCB Global Holdings Limited (NCBGH) seeking to purchase up to 74, 230,750 shares in GHL for US$2.36 per share.
“The offer, if successful would result in NCBFG holding not more than 62 per cent of the issued and outstanding shares of GHL,” the company said.
GHL said that the offer is conditional upon NCBFG acquiring control of GHL and obtaining regulatory and other approvals required to acquire the GHL shares in Trinidad and Tobago, Jamaica as well as all other jurisdictions in which GHL and its subsidiaries are regulated.
It said also that the offer is subject to a condition, among others, “that it results in the offeror holding not less than 50 per cent of the GHL shares.”
In May 2016, NCB Group acquired a 29.99 per cent interest in GHL, through a directly owned subsidiary, Summer Success Limited, incorporated in Trinidad and Tobago.
In a statement posted on its website, NCB Financial Group, said it has roots dating as far back as 1837, and now stands “as the largest and most profitable financial institution in Jamaica.