Donovan Lewis (right), owner of the Ideal Group of Companies and board director of National Commercial Bank, has increased his stake in NCB by 28 per cent in two years. Michael Lee Chin, majority owner of NCB and Lewis' long-time friend, is seated at left in this cropped photo of NCB directors published in the bank's 2007 annual report. - contributed

AIC Barbados Limited, a holding company for Michael Lee Chin's regional financial assets, has sold another five million of its National Commercial Bank of Jamaica (NCBJ) shares in a continued realignment of the bank's ownership mix that so far has remained largely within the family.

The trade, valued at an estimated $117 million, based on current market prices, was executed last Thursday.

At the same time, Donovan Lewis, a close friend of long-standing and sparring partner of Lee Chin, has taken a bigger stake in the bank, acquiring 3.5 million additional shares last Wednesday through his company, Ideal Portfolio Services Limited, a trade valued at more than $82 million.

NCBJ is selling at about $23.50 per share.

Lewis growing stake

Lewis, who sits on the boards of NCB Jamaica, as well as AIC Barbados, NCB Cayman and AIC subsidiary Advantage General Insurance Company, now controls at least 25.8 million NCBJ shares through Ideal Portfolio and related parties - growing his stake by 28 per cent in two years from the 18.65 million units held in 2005.

His investment in the bank is currently worth $600 million, the majority held by Ideal Portfolio whose 24 million units make it the sixth-largest NCB shareholder.

Divested shares

AIC Barbados' holdings has in two years fallen from about 1.72 billion shares, then valued at just over 1.61 billion, but the divested shares still remain in Lee Chin's control. But the value of the investment has climbed from $31 billion at the end of September 2005 to $37 billion at Tuesday's stock market price.

The majority of the near 110 million units divested in the period appear to have been split among related companies, including parent AIC Limited, 51.9 million; and Advantage General, 49.3 million.

Last week, AIC Barbados divested a total of 8.7 million NCBJ shares in three trades reported to the stock exchange, bringing the total offloaded to 24.8 million in a year and the holding company's stake in the bank to 65.36 per cent, down marginally from 67 per cent at October 2005.

business@gleanerjm.com