NCB Global Holdings Limited has invited prospective investors to apply to purchase up to two million ordinary shares of Guardian Holdings Limited, worth $1.59 billion at $795 per share, just weeks after the Trinidad-based company cross-listed on the Jamaica Stock Exchange (JSE).

In the prospectus posted on the JSE, Patrick Hylton, chairman of NCB Global Holdings Ltd, the holding company for Guardian Group, said the selling shareholder intends to maintain a majority shareholding in Guardian, and that of the two million ordinary shares being made available for purchase, 400,000 shares are being reserved for staff of NCB Financial Group or Guardian Group who will be able to offer to purchase shares using their NCB Capital Markets Limited brokerage account.

Another one million shares will be set aside for clients of NCB Financial Group (the owner of NCB Global Holdings) and Guardian Group in Jamaica who offer to purchase shares with an NCB Capital Markets Limited brokerage account.

The transaction will open on May 31, 2021, and close on June 11, 2021 subject to the sale of a minimum of 1,500,000 units.

The Board of NCB Global Holdings Limited approved the sale of up to 2,000,000 units or 0.86 per cent of the issued shares of Guardian Holdings on May 5, 2021.

“This invitation creates a unique opportunity for Jamaicans to share in the continued growth of [Guardian Holdings],” Hylton said.

“Furthermore, this transaction is likely to extend and diversify the company’s investor base across the region. The proceeds of the sale will be used for general corporate purposes.”

Hylton said NCB Global Holdings Limited remained proud to be associated with “such a solid regional brand that continues to benefit from strong leadership and a committed and innovative team”.

He noted that Guardian Holdings had demonstrated a very strong performance in Financial Year 2020 and that Profit Attributable to Equity Holders of TT$774 million signified a strong continuation of a pattern of growth in profitability.

This performance was also 12 per cent above the 2019 Profit Attributable to Equity Holders of TT$692 million and, in the five years since December 2015, the company has more than doubled profits.

“While the past year was fraught with tremendous challenges, the company was able to overcome these challenges and produced another satisfactory year,” Hylton said.

“The staff and agents demonstrated commitment and resolve in quickly activating digital channels to service customers and to make new sales.”

He added: “The robustness and flexibility of the new technological infrastructure in which the company invested over the past few years was also proven, as it provided the bedrock for securely enabling digital channels of sales and service.”

HOW TO MAKE AN APPLICATION FOR SHARES

Investors interested in purchasing shares can read HERE for the Prospectus in its entirety and follow the How to Apply Guide set out in the Appendix 4 or visit https://goipo.jncb.com to apply.