Portland Barbados Limited, part of billionaire Michael Lee-Chin’s Portland group of companies, is seeking to raise up to US$4 million, or nearly J$600 million, in a bond offer. Some shares in NCB Financial Group Limited, NCBFG, and the Lee-Chi- owned swanky Trident Castle villas in the parish of Portland in Jamaica – the parish of Lee-Chin’s birth – are being put up as security for the bond.
The amount of NCBFG shares being used as collateral is equivalent to 60 per cent the value of the bond debt being sought, but with a 40 per cent margin. The prospectus for the bond offer notes that AIC Barbados, the gurantor of the senior secured notes placement, will secure the offer with the first mortgage over Trident Castle, as well as “execution of Jamaica Central Securities Depository pledge form by the guarantor in relation to NCBFG ordinary shares with market value equivalent to 0.6 (times) the principal amount; subject to a maintenance margin of 0.4 (times)”.
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Daryl Vaz
Government has announced the rollout of a national broadband network at an estimated cost of US$237 million with the promise of affordable Internet access for all Jamaicans and to assist in the country’s economic recovery from the COVID-19 pandemic.
The network also seeks to dramatically increase connectivity of critical institutions to assist in addressing serious problems of crime, education and health care.
Chairman of the National Broadband Task Force, Michael Lee-Chin stated that the network is to be offered for private sector ownership to ensure it is held by Jamaicans, thus protecting the country’s interest.
“My goal, my aspiration is to see every single Jamaican own a piece of the rock because only when you own can you create wealth.
December 16, 2020
Minister of Technology Daryl Vaz has announced an ambitious plan to have all houses in Jamaica connected to the Internet in just over four years.
Stating that the Government will make access to the Internet a public good , Vaz yesterday told Parliament that the aim is to have every household, every community connected by 2025 . Internet penetration in Jamaica stood at 55 per cent in January 2020.
Vaz yesterday said that attainment of nationwide Internet penetration is tied to the establishment of a National Broadband Network, which is projected to cost US$237 million. The funding options are being explored but the country can ill-afford to delay or abandon this strategy, Vaz said.