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JMMB Group Limited Announces Holdings in Sagicor Financial Company Ltd.
JMMB Group Limited (JMMB Group) has announced that it acquired 33,213,764 common shares of Sagicor Financial Company Ltd. (Sagicor), on December 5, 2019, upon the immediate conversion of 33,213,764 Class B shares of Alignvest Acquisition II Corporation (Alignvest), on a one-for-one basis.
JMMB Group Additional Public Share Offer
The JMMB Group Limited (JMMBGL) Additional Public Offer of Ordinary Shares, which closed four days earlier than planned, on November 7, 2019, was oversubscribed by 92.5%. In seeking to raise approximately $12.4 billion, the company, in its disclosure to the respective regulators, the Jamaica Stock Exchange (JSE) and the Trinidad & Tobago Stock Exchange (TTSE), outlined that applications valued at J$19.05billion were received from investors in its public offer in Jamaica and Trinidad & Tobago; making this the largest public offer of ordinary shares in Jamaica. The Directors exercised the option to upsize the Invitation to 325,000,000 new ordinary shares.
JMMB Group Net Profit Up by 35%
For the six-month period ending September 30, 2019, JMMB Group, the regional financial group of companies, posted J$2.80 billion in net profit, up 35% year-over-year. Additionally, the Group recorded J$11.71 billion in operating revenue, which reflects a 26% increase compared to the corresponding 6-month period, in the previous financial year.
JMMB Bank to Introduce Visa Debit Card by Year End
JMMB Bank (Jamaica) Limited is making good on its promise to introduce its JMMB Bank Visa debit card, starting December 9. This follows on the initial announcement made at the JMMB Group’s annual general meeting, held in September.