100 Securities Now Listed on the JSE Markets

April 19, 2018 marks the historic occasion of the hundredth listing of securities on the Jamaica Stock Exchange (JSE) markets with the listing of four (4) preference shares on the Main Market by JMMB Group Limited.

The JMMB Group listed its US$ Cumulative Redeemable 5.5% and 5.75% Preference shares on the US$ market while J$ Cumulative Redeemable 7.25% and 7% Variable rate Preference Shares was listed by JMMB on the J$ Market. With these issues, JMMB raised over $9 billion from the market. Since coming to market in 2007, JMMB has raised over $23 billion from the capital markets through its listings of 16 securities over the period. Currently, with 11 securities listed on the markets, JMMB has the record of having the most securities listed by any company.

Speaking at the event, Mrs. Marlene Street Forrest, Managing Director of the JSE, stated, “JMMB has used the power of the market and their record of accomplishments most effectively. Since inception, they have raised capital via IPO and have listed ordinary shares, restructured their company, made acquisition and have raised capital through issuance of preference shares. The market has provided them with a platform for transparency, valuation and increased visibility. 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. The opportunities are here right now for companies to take advantage of this efficient and effective platform. 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. We facilitate the listing of different products, classes of shares, government or corporate bonds. This is complemented by our Depository and Trustee Services offerings.” 

Mr. Keith Duncan, Group CEO of JMMB Group Ltd, after congratulating the JSE on its 100th listing and thanking his staff for their stellar effort through the years, told the audience that “JMMB Group could not have achieved what it achieved without the Stock Exchange, which provides a great avenue for companies such as ours to access capital for growth and development. I appeal to all companies to look at the Stock Exchange as a medium to raise capital and grow your business as the economic climate is right for companies to access capital. With a low interest rate regime, debt to GDP reducing and the Government not in the market crowding out the private sector in respect to funding, this is an opportune time for companies to come to market and raise capital and grow their businesses. JMMB has done it successfully and others can do it too.”

Mr. Archibald Campbell, Chairman of the JMMB Group, congratulated Mrs. Street Forrest for her effectiveness as the leader at the Stock Exchange, he went on to say “I would like to thank our shareholders for sticking with us over the years, for without you we could not have achieved the phenomenal growth that we have achieved.” He went on to state that, “When Mrs. Street Forrest came to the Stock Exchange in the ‘90s, there were some 40 odd securities listed on the market in total and today we have 100 listings, this is a testament of the ease of doing business with the Stock Exchange and the willingness of the leadership of the Exchange to facilitate companies raising capital.” He went on to state that, “Mr. Keith Duncan is a true entrepreneur and with the great team behind him he has led JMMB with distinction and allowed JMMB to have its footprints in the Caribbean.”