Michael Lee-Chin sells 96% stake in AGI to NCB Capital Markets

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News; Articles; Business

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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.

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