Business

Better than a bank loan - JMMB maximises JSE relationship

BY DENNISE WILLIAMS
Observer writer

Wednesday, April 25, 2018

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Since 2007 the Jamaica Money Market Brokers (JMMB) Group has used its listing on the Jamaica Stock Exchange (JSE) as a way to repeatedly access money from the public to the tune of $23 billion, with 11 different offers to investors.

In a series of seasoned equity offers (SEO), the JMMB Group has used the JSE to offer first an initial public offer (IPO), then several preference shares, and has also used the JSE to reorganise the investment bank as it expanded across the Caribbean.

On April 19th, JMMB continued to hold the record as the company with the most repeat listings on the JSE, second only to Proven Investments which has raised over US$20 million through various rights issues and preference share offers to the public.

Investment analyst John Jackson has praised the company for its efforts, writing on his blog, “The Jamaica Stock Exchange (JSE), with the listing of four preference share issues on the main market by JMMB Group on April 19, achieved its hundredth listing of securities on the exchange. JMMB Group listed its US-dollar Cumulative Redeemable 5.5% and 5.75% preference shares on the US-dollar market while the Jamaican-dollar Cumulative Redeemable 7.25% and 7% variable rate preference shares were listed by JMMB on the main market.”

According to Marlene Street Forrest, managing director of the JSE, speaking at the event, “JMMB has used the power of the market and their record of accomplishment most effectively. JMMB is a testament of what can be achieved by other companies by using the exchange as a medium for business expansion and wealth creation. We are seeing where investors, companies and our Government are beginning to understand the importance of the stock market in creating wealth, sector by sector, individual by individual, and company by company. It is non-discriminatory, non-partisan and is fixed in its pursuit, that is, to create wealth for everyone.”

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