Business
Michael Lee-Chin sells 96% stake in AGI to NCB Capital Markets
Friday, July 6, 2012
Michael Lee-Chin. PHOTO/Zuma Press/Newscom
NCB Capital Markets announced plans to acquire over 96 percent of Michael Lee-Chin’s Advantage General Insurance (AGI) but declined to reveal the purchase price.
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.
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