Guardian acquisition near complete

National Commercial Bank’s agreement November 2015 to purchase a 29.99 percent stake in Guardian Holdings Limited is much closer to completion with approval given by the two most important countries in the region.
According to a note in NCB’s March quarter results “the approvals in Jamaica and Trinidad and Tobago have been obtained, but a few others remain to be received but a few others remain to be received, following which it is expected that the transaction will be completed.”
The acquisition of the shares will be done through a private sale of shares from a group of large shareholders. The successful completion of the transaction required regulatory approval from territories in which both entities operate.
NCB reported profit for the six months ended March of $6 billion or $2.44 per stock unit an increase of $594 million or 11 percent and for the quarter profit of $3.6 billion was realised or earnings per share of $1.47. The group is on target to enjoy earnings for the full year, in the region of $5.50 per share.