Jamaican Canadian billionaire Michael Lee Chin says he’s weighing a sale of his controlling stake in NCB Monetary Group as he tries to settle a US$94 million bond cost that’s now due, with complete bond obligations put at about US$297 million.
Lee Chin mentioned he has triggered a forty five day window beginning Dec. 31 to work out reimbursement phrases for principal and curiosity owed by AIC (Barbados) Ltd., below an settlement reached with noteholders. He described the overview as a rush to land an answer with out jolting markets or shortchanging collectors.
“I’m doing a structural overview of all of the options,” Lee Chin informed Observer On-line by telephone. “I’m contemplating all of the choices, together with paying off the whole lot, and I’ve 45 days to do it.”
An announcement from his workplace mentioned the menu contains full reimbursement of the bonds, settling the quantity presently due, or lowering his shareholding in NCB Monetary Group, the place he’s chairman. Any divestment would probably be giant sufficient to maneuver the market.
The size is evident within the filings. NCB Monetary Group’s quarterly report for the interval ended Sept. 30, 2025, exhibits AIC (Barbados), one among Lee Chin’s corporations, held 46.24% of the group’s issued shares. Separate regulatory filings dated March 31, 2025, put Lee Chin and associates at 52.15%, with AIC at 46.74% at that time.
Lee Chin mentioned he’s working with advisers and different stakeholders on what he known as essentially the most acceptable and sustainable path. He mentioned he expects to choose a most popular choice inside two weeks, nicely earlier than the 45 day interval runs out.
Traders have already been jittery. NCB Monetary Group shares closed at 39.05 Jamaican {dollars} on the Jamaica Inventory Trade on Tuesday after 3.35 million shares modified arms. At that value, Lee Chin’s 52.15% place, based mostly on 2.58 billion issued shares, could be price roughly 52.6 billion Jamaican {dollars}, about US$335 million, far above the mixed bond debt.
Even so, the inventory has been sliding. It’s down 23.16% for the 12 months and stays far beneath its 2019 highs, when it touched 249 Jamaican {dollars} intraday and closed at 219 in July that 12 months.
He has lengthy been one among Jamaica’s most influential company gamers. Lee Chin constructed his fortune by Portland Holdings, his funding firm, and his stewardship of NCB Monetary Group has anchored his profile throughout Caribbean banking, insurance coverage and wealth administration.
