Aug 2007 Financial News

JMMB seeks to raise capital through preference shares

Aug 16, 2007

Jamaica Money Market Brokers (JMMB) plans to raise its capital base through the issuing of preference shares but will pursue the stock issue after getting approval from shareholders at its annual general meeting scheduled for mid-September.

Yesterday, JMMB notified the Jamaica Stock Exchange (JSE) of the decision made by the near-bank's board on Monday.

"The board of directors of (JMMB) agreed to recommend that the company, at its annual general meeting, to be held on September 17, 2007, resolve to increase the capital of the company from J$391,600,000.00 by the addition thereto of J$10,000,000.00 comprised of one billion fixed rate cumulative redeemable preference shares," said the statement.

Source:
The Jamaica Observer
Thursday, August 16, 2007

http://www.jamaicaobserver.com/magazines/Business/html/20070816T000000-0500_126334_OBS_JMMB_SEEKS_TO_RAISE_CAPITAL_THROUGH_PREFERENCE_SHARES_.asp