Jamaica Money Market Brokers Ltd. (JMMB) : Sale of CMMB

Jamaica Money Market Brokers Limited (JMMB) has advised that it has successfully sold its minority shareholdings in Caribbean Money Market Brokers (CMMB) Group of Companies to the majority shareholder CL Financial for a price of US$41 .37 million. The transaction has yielded a substantial gain to JMMB which will be reflected in its second quarter results. JMMB remains regionally diversified with a strong presence in Trinidad and Tobago through its 50 % ownership in the Intercommercial Bank Group, of which JMMB has managerial control. The sale positions JMMB strategically as it boosts its capital in turbulent market conditions and has been a mutually profitable relationship with the CL Financial Group . The CMMB project has been a win win for both parties, with JMMB selling its minority interest for J$3 billion and realizing a significant gain on an investment that cost the company J$112 million after a period of just 8 years. This sale further positions JMMB strategically as it boosts the company’s capital in turbulent market conditions.