Michael Lee-Chin is selling his Ahpo superyacht for US$355 million ($55.03 billion) as the Jamaican-Canadian billionaire continues to offload more of his assets.

The 377.6-foot superyacht was delivered in December 2021 after being built by German shipbuilder Lürssen. According to luxurylaunches.com, the asset has been listed for a US$55-million premium to the US$300-million purchase price. The yacht has a capacity for 16 passengers and has a crew of 36 people.

The sale of Lee-Chin’s yacht is one in a string of disposals to have taken place since the COVID-19 pandemic in March 2020. Lee-Chin, through AIC (Barbados) Limited, sold CVM Television Limited in September 2022 to Verticast Media Group at an undisclosed price. This was preceded by the sale of Reggae Beach, St Mary, to MJR Real Estate Holdings Limited which is managed by Barita Investments Limited. That 250-acre property was reportedly valued at US$50 million ($7.75 billion).

First Rock Real Estate Investments Limited disclosed to the Jamaica Stock Exchange last July that it was part of a consortium seeking to acquire both the property and operating entity Medical Associates Hospital and Medical Centre. Portland Holdings Limited lists Medical Associates as being an acquisition/investment in July 2006. It’s unknown if Lee-Chin has sold any other assets.

Lee-Chin has expressed interest in promoting nuclear technology following a memorandum of understanding with the Canadian Nuclear Laboratories in November 2022. This is based on the applications in medicine and energy production.

However, Lee-Chin’s asset sales also coincide with the lack of cashflow from his most prized Jamaican jewel, NCB Financial Group Limited (NCBFG), which has only paid a $0.50 dividend or $648.07 million since March 2020. While it has continued to grow its asset base to a historic $2.11 trillion or US$13.69 billion, its stock price has not fared as well since then. The stock which peaked at $249 on July 22, 2019 has since hit a new 52-week low of $72.01. That’s the lowest NCBFG has traded for since July 2017.

This has put pressure on different AIC and Portland entities that borrow against the NCBFG stock. An example can be with the Portland (Barbados) Limited US$5-million fixed rate secured notes issued in August 2021. The security attached to the notes was pledged ordinary shares of NCBFG — that is 1.50 times the outstanding principal. The term sheet referenced the issuer agreeing to place in reserve additional NCBFG shares, with the market value equating to 0.25 times.

This was at a time when NCBFG’s share price was trading around $133.15 and closed at $78.45 on Tuesday, a 41 per cent drop.

With no dividends paid by NCBFG since May 2021 there was no dividend income going to the interest reserve account held with the trustee. Tranche A of the secured notes had a tenure of three years, and five years for tranche B, with the interest rates on both notes fixed between 6.25 to 6.75 per cent.

This means that some related entities are likely to have been impacted by the absence of dividends, which used to be paid quarterly before the pandemic. NCBFG is currently strengthening its capital base to prepare for regulatory changes facing its core Jamaican bank and Trinidadian insurance arm.