Jamaican Bank Pulls ADR Sale

Jamaica’s National Commercial Bank (NCB) has elected not to price the equity sale that would have represented the debut of its ADRs, according to people familiar with the matter, due to insufficient demand. The bank had been looking to raise more than $200m in the sale of 16m ADRs, representing 804m common shares, at $13.00-$15.00 each. NCB was raising funds for general corporate purposes, including organic growth and possible acquisitions. Its common shares closed at JAD19.05 ($0.20) Wednesday. JPMorgan and Macquarie were managing.