KINGSTON, Jamaica — Victoria Mutual Investments Limited (VMIL) is scheduled to list on the main market of the Jamaica Stock Exchange (JSE) tomorrow following a successful public offer, which was over-subscribed and closed on December 12.

The offer surpassed its intended target of just under $700 million to close in excess of $2 billion.

The proceeds from the offer, according to VMIL, will be used to contribute to Jamaica’s economic growth by providing financing solutions for small and medium-sized entities in Jamaica.

VMIL, a wholly-owned subsidiary of the Victoria Mutual Building Society and the immediate parent company of Victoria Mutual Wealth Management Limited, was incorporated in 1984 and is domiciled in Jamaica.

As part of the VM Group’s strategic goal of being a strong integrated financial group, in 2017 the organisation initiated the recapitalisation of VMIL, as a vehicle to facilitate corporate lending and investing to support well-run Jamaican businesses.

To date, VMIL said it has successfully raised $500 million of debt by way of a private placement.