Michael Lee-Chin sells 96% stake in AGI to NCB Capital Markets
Michael Lee-Chin. PHOTO/Zuma Press/Newscom
The acquisition of the insurance company, which has a net worth of J$2.58 billion (US$ 29.3 million), would result in a windfall for AGI majority shareholder, Jamaican-Canadian investor Michael Lee-Chin who had initially planned to raise up to J$650 million (US$ 7.4 million) from listing an undisclosed fraction of AGI on the Jamaica Stock Exchange.
Lee-Chin also owns 63.9 percent of National Commercial Bank of Jamaica, the parent company of NCB Capital Market.