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...ok let's see a US/Canadian subsidiary serving the diaspora (and others wanting to do Caribbean business) after the capital is raised
Mek di prophecy fulfill
NCB opts for New York listing
Share price climbs 6-8% since first announcement
Wednesday, June 29, 2011
NATIONAL Commercial Bank Jamaica's (NCB's) board has chosen to list on the New York Stock Exchange (NYSE) following an announcement, made a month earlier, that it would cross-list on a North American exchange.
What's more the price of NCB stock rose six to eight per cent on the two exchanges that it is currently listed on -- the Jamaica Stock Exchange (JSE) and the Trinidad and Tobago Stock Exchange (TTSE).
The commercial banking group aims to raise US$175 million through an initial public offering but said at the end of May that it would decide between the New York-based exchange and the Toronto Stock Exchange (TSX).
On Friday, NCB notified the JSE that NYSE was selected by the board of directors for the cross-listing.
Existing shareholders will be able to participate in the IPO but only after they vote on increasing the authorised share capital of the company at a general meeting, for which a date is yet to be announced.
The change would lead to an increase in share capital greater than 25 per cent according to the bank, but the actual number of shares that will be offered will be dependent on the IPO price of the shares.
Since notifying the JSE on May 27, when NCB's share price closed on the JSE at $23.15, the price of the stock increased by 14.5 per cent to $26.50 a share on June 7, before falling to $25.08 yesterday -- 8.3 per cent higher than the price when the JSE was notified.
At $25.08 a share, NCB's market capitalisation totalled $61.9 billion, or approximately US$719.4 million.
Furthermore, in Trinidad, the share price rose six per cent from TT$1.80 a share to TT$1.91 yesterday, placing its market capitalisation in the two-island republic at TT$4.7 billion (US$736.2 million), or almost US$15 million higher.
NCB group's net profit was $11.9 billion (US$138 million) for the last twelve months to March 31, 2011, which places the commercial bank's price-to-earnings ratio at 5.2 to 5.3 times (depending on the stock exchange), while its stockholders' equity stood at $48.8 billion (US$567.5 million) at the end of March 2011.
Read more: http://www.jamaicaobserver.com/busin...#ixzz1Qh56X4JM
Mek di prophecy fulfill
NCB opts for New York listing
Share price climbs 6-8% since first announcement
Wednesday, June 29, 2011
NATIONAL Commercial Bank Jamaica's (NCB's) board has chosen to list on the New York Stock Exchange (NYSE) following an announcement, made a month earlier, that it would cross-list on a North American exchange.
What's more the price of NCB stock rose six to eight per cent on the two exchanges that it is currently listed on -- the Jamaica Stock Exchange (JSE) and the Trinidad and Tobago Stock Exchange (TTSE).
The commercial banking group aims to raise US$175 million through an initial public offering but said at the end of May that it would decide between the New York-based exchange and the Toronto Stock Exchange (TSX).
On Friday, NCB notified the JSE that NYSE was selected by the board of directors for the cross-listing.
Existing shareholders will be able to participate in the IPO but only after they vote on increasing the authorised share capital of the company at a general meeting, for which a date is yet to be announced.
The change would lead to an increase in share capital greater than 25 per cent according to the bank, but the actual number of shares that will be offered will be dependent on the IPO price of the shares.
Since notifying the JSE on May 27, when NCB's share price closed on the JSE at $23.15, the price of the stock increased by 14.5 per cent to $26.50 a share on June 7, before falling to $25.08 yesterday -- 8.3 per cent higher than the price when the JSE was notified.
At $25.08 a share, NCB's market capitalisation totalled $61.9 billion, or approximately US$719.4 million.
Furthermore, in Trinidad, the share price rose six per cent from TT$1.80 a share to TT$1.91 yesterday, placing its market capitalisation in the two-island republic at TT$4.7 billion (US$736.2 million), or almost US$15 million higher.
NCB group's net profit was $11.9 billion (US$138 million) for the last twelve months to March 31, 2011, which places the commercial bank's price-to-earnings ratio at 5.2 to 5.3 times (depending on the stock exchange), while its stockholders' equity stood at $48.8 billion (US$567.5 million) at the end of March 2011.
Read more: http://www.jamaicaobserver.com/busin...#ixzz1Qh56X4JM
