JMMB News

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. 

Caribbean Information and Credit Rating Services Limited (CariCRIS) has assigned initial issuer/corporate credit ratings of jmA+ (local currency rating) and jmA (foreign currency rating) on the Jamaica national scale to JMMB Group Limited (JMMBGL). The national scale ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in Jamaica is good.

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.

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.