JMMB lists sixth share on JSE
JMMB yesterday listed two securities on the Jamaica Stock Exchange, bringing to six its total listings over the last nine years. The two Cumulative Redeemable Preference Shares 8.75% and 8.5% combined, were over-subscribed by 33% and helped the company to raise J$2.7 billion dollars.
Mr. Keith Duncan, JMMB Group CEO pointed out that JMMB had expanded successfully in Trinidad and Tobago and Dominican Republic and was looking forward to move further into these countries as well as other territories of the Spanish Speaking Caribbean. He appealed to the business community to use the market to raise cheaper capital and to list corporate bonds as he saw this as an invaluable means of growing their businesses and offering jobs needed in the economy, especially in difficult times.
Mr. Duncan also expressed appreciation on behalf of the Group for the overwhelming response from JMMB clients across the island, who began expressing an interest in the offer from as early as mid-December. He said that “the capital raised will allow JMMB to continue its expansion drive across the Caribbean”.
Mrs. Marlene Street Forrest, General Manager of the JSE encouraged other companies who have not yet considered the market, but are now thinking of expansion, retooling or placing their business on a competitive path, to consider raising capital on the Exchange by offering ordinary or preference shares.
She encouraged them to seize the enormous benefits that are available in listing on either the Main or the Junior Market
“I am heartened by JMMB’s bold move as they came to the market in what is regarded by many as the “tamarind season” (the month of January) and were able to raise the needed capital. JMMB recognized that there are several ways they can raise capital through the market and have utilized them to their advantage. “
“The Exchange has provided the mechanism for raising and listing ordinary shares, preference shares and bonds. We wish to encourage more companies who are currently listed on the Exchange and are seeking additional capital to examine the route taken by JMMB that is to explore other options available on the market. Consider giving your current shareholders and new ones the chance to deepen their investment in the company or to come as new investors”.