BroadSpan Advises NCB Jamaica in Sale of Kingston Wharves Stake

Kingston Jamaica, September 30, 2014 – National Commercial Bank of Jamaica Limited (NCB) has announced that NCB Capital Markets Limited has reached an agreement to sell the Group’s 32.59 percent interest in Kingston Wharves Limited (KW) to Seaboard Corporation (Seaboard). Seaboard in turn has agreed to sell to Jamaica Producers Group Limited (JP) some of the KW Shares acquired from the NCB Group constituting 11.59 percent of the capital of KW.

According the Mr. Patrick Hylton, Group Managing Director of NCB, “we continuously review our investment holdings and our operations and have concluded that Kingston Wharves falls outside our core strategic priorities at this time. We are pleased to have been able to identify two buyers for our shares that are each committed to the continued development of the Kingston port and logistics business to its full potential.”

As a result of the sale by NCB, Seaboard Corporation will own approximately 21 percent of Kingston Wharves, and Jamaica Producers Group will increase its ownership in KW to approximately 42 percent.

KW is listed on the Jamaica Stock Exchange and operates a comprehensive range of terminal equipment across 260,000 square meters of open storage space, 24,000 square meters of covered warehousing and cold storage, and 53,000 square meters of off-dock storage for motor vehicles. The KW terminal has a 1.7 kilometer continuous quay that provides nine deep-water berths for roll on-roll off, lift on-lift off, general break bulk, containerized cargo and bulk cargo vessels.

Seaboard Corporation is a global food, energy and transportation company that is listed on the NYSE MKT. Through its Seaboard Marine Division, it operates a containerized shipping service between the United States, the Caribbean Basin, and Central and South America. Mr. Edward Gonzalez, President of Seaboard Marine stated: “Our shipping line has operated as a customer of Kingston Wharves for decades. We are pleased to deepen our longstanding relationship with all of the stakeholders of Kingston Wharves in our new capacity as shareholder.”

JP operates in specialty foods and logistics in the Caribbean and Europe and is listed on the Jamaica Stock Exchange. According to Mr. Charles Johnston, Chairman of Jamaica Producers Group Limited, “JP is convinced that Kingston Wharves’ status as the leading Caribbean multipurpose and multiuser port has always benefitted from the active involvement of diverse industry stakeholders. We think it is good for Jamaica and good for Kingston Wharves that Seaboard has decided to invest alongside JP, other shipping interests and the Jamaican public at this important moment in the development of Jamaica’s logistics sector.”

BroadSpan Capital LLC acted as exclusive financial advisor to NCB Jamaica for this transaction.