Apr 2015 Financial News

JMMB Group publicly listed on TTSE

Apr 14, 2015

The delisting of Jamaica Money Market Brokers Limited (JMMB) and simultaneous listing of JMMB Group took place at yesterday morning at the same time on the T&T, Barbados and Jamaica Stock Exchanges. 

The change over comes approximately three years after JMMB acquired Capital & Credit Financial Group Limited (CCFG) creating a new structure within the combined group of companies which required reorganisation. That acquisition gave JMMB strategic capabilities, including Capital & Credit Merchant Bank Limited, now JMMB Merchant Limited, an entity licensed under the Financial Institutions Act of Jamaica (FIA) and subject to the supervision of the Bank of Jamaica (BOJ).

Speaking at the delisting and relisting ceremony at the T&T Stock Exchange (TTSE) in Port-of-Spain yesterday, Ronald Carter, chief executive, JMMB Investments T&T, said the group had to be restructured “in a way that permits the BOJ to effectively carry out its supervisory mandate under the FIA.” 

“On May 16, 2012, JMMB Group Limited was therefore formed as a new financial holding company and will be at the pinnacle of the group structure. JMMB Group Limited will now be the publicly listed and ultimate holding company of the combined group.” 

Carter assured the company’s shareholders that they will be able to retain their shares.

He explained: “Ordinary shares will be transferred, one for one, to JMMB Group Limited—ordinary shares, allowing shareholders to retain the same volume and value of their shares. 

The shares will also carry the same rights, benefits and obligations of the previous JMMB Limited ordinary shares. JMMB Group Limited ordinary shares will list at the same price that the JMMB Limited ordinary shares last traded.”

The JMMB Group offers a wide range of investment solutions, banking and insurance services in Jamaica, T&T and the Dominican Republic and has an base of more than 200,000 individual, corporate and institutional clients. 

It began its expansion to other Caribbean markets in 1999 through a successful joint venture establishing Caribbean Money Market Brokers (CMMB) in T&T and Barbados.

In 2005, as a means of deliberate business line diversification in the region, JMMB acquired 50 per cent shareholding in Intercommercial Bank Ltd (IBL), as at 2013 JMMB owns 100 per cemtof the IBL Group in T&T. In late 2012, the company opened JMMB Investments T&T.

JMMB Dominican Republic opened its doors in 2006 and in October 2007 our newly-formed company was officially called JMMB Puesto de Bolsa with a mandate to actively develop the Money Market in one of the largest Spanish-speaking Caribbean islands. 

There are currently two locations in the Dominican Republic.

Source:
Nadaleen Singh
Trinidad Guardian
Tuesday April 14, 2015

http://www.guardian.co.tt/business/2015-04-14/jmmb-group-publicly-listed-ttse