Feb 2011 Financial News

JMMB lists new preference shares

Feb 09, 2011

JMMB on Monday officially listed its 2011 Preference Shares on the Jamaica Stock Exchange (JSE).

The new issue was designed in two tranches -- with a special price of $3.00 and interest rate of 8.75 per cent per annum for clients, and a price of $3.50 and interest rate of 8.5 per cent per annum for investors on the open market.

Investors will benefit from a five-year investment which provides monthly income.

The offer officially opened on January 3 and closed on January 7 oversubscribed by 33 per cent, with total investments of $2.76 billion.

In a press statement issued on Monday, JMMB said the capital raised will "solidify its plans to further strengthen its local and regional presence through business line diversification and new acquisition targets, as part of its strategic objectives".

JMMB was previously listed on the JSE with its first Preference Share Offer in December 2007, which was issued in three tranches and attracted $2.52 billion in capital that was used in "achieving critical growth initiatives, including local business line diversification as well as the expansion of their operations in the Dominican Republic".

Tranches 1 and 2, which matured on December 14, 2010, were paid out in full, while Tranche 3 will mature on February 4, 2012.


Source:
Jamaica Observer
Wednesday February 9, 2011

http://www.jamaicaobserver.com/business/JMMB-lists-new-preference-shares_8343694#ixzz1DUNZCiNg