Mittal sells stake in Intercommercial
The British-based Mittal family—owner of the world’s largest steel manufacturer-—has confirmed the sale of its Intercommercial Bank stake in Trinidad.
The sale has been completed of the remaining 50 per cent shareholding in Intercommercial Bank Ltd to Jamaica Money Market Brokers (Trinidad and Tobago) Ltd, part of the JMMB Group of Kingston, Jamaica, Mittal said in a statement from the United Kingdom yesterday.
The stake was sold at an undisclosed price.
JMMB acquired the initial 50 per cent stake in 2004 and was given approval by the Central Bank last month to acquire the remaining shareholding in Intercommercial Bank.
Mittal said this shareholding disposed of was owned by private companies connected to the family of L N Mittal.
JMMB Group previously acquired a 50 per cent shareholding in Intercommercial Bank Ltd from the Mittal family companies in December 2004, the statement added.
The Mittal Group is headed by British-based Indian businessman Lakshmi Mittal who was listed as the world’s 21st richest person by Forbes magazine in 2012.
He holds a major stake in family business ArcelorMittal SA, the biggest steel manufacturer in the world.
The company operates the ArcelorMittal iron briquette plant at Pt Lisas.