May 2020 Financial News

JMMB Group Limited - Notice of Dividend Payment Update

May 14, 2020

The Trinidad and Tobago Stock Exchange Limited (TTSE) received notice from JMMBGL advising that on May 11th, 2020, JMMBGL received guidance from the Bank of Jamaica (BOJ) advising of a modification to its position previously communicated regarding the payment of dividends by Financial Holding Company designates (FHC), such as JMMBGL, and listed deposit taking institution.

JMMBGL advised that as a regulator of these entities, the BOJ’s position has been that its objectives are to encourage the preservation of liquidity, conservation of capital and enhancing lending and loss absorption capacities of these entities in the context of the COVID-19 pandemic, and in furtherance of these objectives, these entities should consider restrictions in respect of dividend payments. The BOJ has previously clarified that this applies to dividends payable in respect of ordinary shares, and not preference shares.

JMMBGL stated that BOJ has now advised that it has no objection to the payment of dividends by these entities to shareholders owning one percent (1%) or less of the company’s shares. As such, the Board of Directors of JMMBGL has taken careful note of the BOJ’s position and will take this new information into consideration at the appropriate time and will make a further disclosure in due course and when necessary.

 

Source:
The Trinidad and Tobago Stock Exchange Limited
Thursday 14th May, 2020