GROUP president and chief executive officer of the National Commercial Bank Financial Group (NCBFG), Patrick Hylton, has been appointed chairman of Guardian Holdings Limited (GHL) effective May 9.
The appointment follows the resignation of business tycoon Arthur Lok Jack who has served as chairman of the Trinidad and Tobago-based insurance giant over the past 15 years. The resignation and appointment took place at the GHL’s annual general meeting for its 2018 financial year in Trinidad and Tobago.
Yesterday, NCBFG announced that it has finalised the acquisition of 74,230,750 ordinary shares in (GHL) after being granted all the necessary regulatory approvals in Jamaica and Trinidad and Tobago, and the closing of NCBGH’s takeover bid on May 3, 2019.
The shares were taken up and paid for by NCBGH, resulting in the Group owning nearly 62 per cent of the outstanding shares in GHL. A net total of 117,971,970 shares were tendered in response to the offer.
“As we stated at the beginning of this journey, we believe this transaction is a game-changer in history of the region. Amidst the context of the de-risking impacting the region, we are proud and excited about the implications and prospects of two leading indigenous Caribbean institutions coming together to drive economic growth, customer and shareholder value,” chairman of NCBFG, Michael Lee-Chin, said in a statement posted on the Jamaica Stock Exchange.
Hylton noted that as stand-alone regional leaders, NCB and GHL combined, have the opportunity to become a world-class financial service conglomerate, which ultimately has positive implications for shareholders, our region and its citizens.
NCBFG’s share price reached a new high last Wednesday, closing at $150.13 with volumes of $12,616,011. On Thursday, the stock price dipped $1.38 to close at $148.75 but yesterday rose to $148.82 at press time.