Business

JMMB makes additional public offer of shares

Friday, October 18, 2019

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The Jamaica Money Market Brokers (JMMB) has moved ahead with its decision to place additional new ordinary shares in Jamaica and Trinidad and Tobago on the public market, with an intention to open on October 22, 2019 in Jamaica and October 25, 2019 in Trinidad and Tobago. The company hopes to earn estimated net proceeds amounting some $10 billion.

In a prospectus document revealed on Tuesday, JMMB has expressed that they invite the public to an additional offering of 266,737,797 new ordinary shares. The shares will be apportioned between key investors (150,000,000), existing shareholders (80,000,000) and Non-Reserved Share Applicants (36,737,797) factoring the ability to upsize to a maximum of 325,000,000 shares. The public is invited to make minimun purchases of 300 shares which will be sold in increments of 100 shares.

The shares will sell at a subscription rate of $38 and TT$1.90 to existing shareholders and team members; $38 and TT$1.90 to key investors and $38.75 and TT$1.94 to non- reserved share applicants.

The deal will be brokered by JMMB Securities Limited both locally and in Trinidad.

The authorised selling agents in Jamaica are listed as: JMMB, Mayberry Investments, Proven, VMWealth Management, Barita Investments, and Scotia Investments Jamaica Limited.

In Trinidad and Tobago they include: Bourse Brokers, First Citizens Brokerage and Advisory Services, West Indies Stockbrokers and Caribbean Stockbrokers, to be regulated by the stock exchange market in each country.

Archibald Campbell, chairman of the JMMB Group, in his invitation to prospective investors, reasoned that the proceeds from the deal will allow the JMMB Group to continue to execute its expansion and diversification strategy.

“By expanding and diversifying our business lines in the Dominican Republic, Jamaica, and Trinidad and Tobago, the JMMB Group has evolved over the years into a dynamic regional financial services group of companies equipped to deliver innovative and integrated services, solutions and experiences focused on one overarching objective of helping clients achieve their financial goals,” he said.

“The region has been seeing unprecedented merger and acquisition activity in the financial services sector over the last few years as assets become available for sale with parent companies from developed markets divesting their Latin American and Caribbean holdings. The group has been constantly reviewing its portfolio of companies with a view to capitalising on the opportunities presented by this to strengthen business lines, and leveraging strategic alliances to improve operations, product/solution sets and service delivery,” he said.

A closing date of November 7, 2019 at 3 pm in Jamaica and 4 pm in Trinidad and Tobago was noted.


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