JMMB Group Additional Public Offer of Ordinary Shares Opens October 22 in Jamaica & Trinidad & Tobago
The JMMB Group Additional Public Offer of Ordinary Shares, is set to hit the market for sale on Tuesday, October 22, in Jamaica and Trinidad & Tobago, and will seek to raise approximately J$10.06 billion in capital.
Although shareholders, during the JMMB Group’s recent annual general meeting (AGM), approved the resolution for the company to issue up to an additional 324M ordinary shares, the company will be issuing 266,737,797 shares at this time, with the option to upsize the offer, to the maximum permitted by shareholders.
Proceeds from the new ordinary shares will be used to support the growth of the Group’s existing regional businesses and allow the Company to pursue strategic investment opportunities.
In sharing details about the regional financial entity’s growth prospects, JMMB Group CEO, Keith Duncan, outlined that over its next strategic period the Group will be focused on: tapping new market opportunities to drive revenue, including the roll-out of solutions to better serve small and medium-size enterprises; introduction of new segments, through mergers and acquisitions; even while deepening its presence through the build-out of its start-ups and expansion of its current business lines, namely: investments, banking, insurance brokerage, consumer financing, fund management and money transfer.
Duncan added, the additional share offer will give existing shareholders, and the wider investing public, the opportunity to bolster their portfolio with this offer, as JMMB Group’s historical performance demonstrates its commitment to operating in the best interest of all its stakeholders and has delivered solid returns, as evidenced by share appreciation of 25%, year to date. Additionally, the JMMB Group stock has, over the last 5 years, consistently outperformed the Jamaica Stock Exchange (JSE) main index and inflation.
Details of the Offer
Individuals interested in participating in the share offer can purchase shares at J$38.75 or TT$1.94; while existing ordinary JMMBGL shareholders, JMMB Group team members and key investors will benefit from a special price of J$38.00 of TT$1.90. A minimum of 300 shares (and increments of 100 shares) may be purchased.
In Jamaica, selling agents for the public offer of ordinary shares include: JMMB, Sagicor Investments Jamaica Limited, Proven Wealth Limited, VM Wealth Management Limited, Scotia Investments Jamaica Limited, Barita Investments Limited and NCB Capital Markets via GoIPO. JMMB Securities Limited is the lead broker and arranger of this offer.
Individauls in Trinidad & Tobago, may participate in the offer by using any of the following selling agents: JMMB Securities Limited (Trinidad & Tobago), Bourse Brokers Limited, Caribbean Stockbrokers Limited, First Citizens Brokerage and Advisory Services, West Indies Stock Brokers Limited and Republic Securities Limited. JMMB Securities Limited (Trinidad & Tobago) is the lead broker and arranger of this offer.
Shares will be allotted according to the categories of investors, namely: key investors, team members and existing JMMBGL ordinary shareholders and the non-reserved pool, by November 18.
Financial Performance
For the first quarter, ending June 30, of the Group’s 2019/20 financial year, the company posted net profit of J$1.12 billion, which reflects an increase of 17% year-over-year. In addition, as part of its commitment to increasing operational efficiency, JMMB Group brought its efficiency ratio to 66%.