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Trinidadians await JMMBs new share offer

The Trinidad and Tobago Stock Exchange Limited (TTSE) received notice from JMMBGL advising that on September 18th, 2019, at their Annual General Meeting, the shareholders approved the resolution for the issuance of an additional 325,000,000 ordinary shares in the company.

The Trinidad and Tobago Stock Exchange (Photo: CNC3 News)

JMMB told Caribbean Business Report that it expects to issue the prospectus for the offer in the final quarter of 2019.

The company, in an update said “JMMB Group Limited additional share offer has not yet been issued to the market. All selling agents will be listed in the prospectus. JMMB Group Limited expects to announce the timing and the pricing of the proposed offer within the coming weeks, with the offer expected to be launched during the last quarter of 2019 (i.e. between October – December 2019), subject to all regulatory approvals being obtained, and prevailing market conditions. 

Photo: JMMB

“The details of the offer will be contained in the published prospectus, upon the requisite regulatory approvals.”

Pending shareholder approval next month, JMMB Group plans to increase its capital by 20 per cent via an offer of shares to the public.

Jamaica Money Market Brokers (JMMB) opened for business in November 1992, as the first money market broker in Jamaica.  

JMMB gained full ownership of the Intercommercial Bank Limited (IBL) Group in 2013. On May 2, 2016, IBL Bank was rebranded JMMBTT Bank (T&T) Ltd.

Jamaica Money Market Brokers Limited, under an approved Scheme of Arrangement, was delisted from the Jamaica Stock Exchange (JSE), Barbados Stock Exchange (BSE) and Trinidad and Tobago Stock Exchange (TTSE) and relisted as JMMBTT Group Limited on April 13, 2015. The company also has operations in the Dominican Republic.

The Group is pursuing the purchase of at least 20 per cent of Sagicor Financial through a US$200-million investment in Alignvest Acquisition II Corporation of Canada. The transaction is pending Alignvest’s closing of the takeover offer for Sagicor Financial. 

Alignvest Acquisition ll Corporation trades on the Toronto Stock Exchange as a special-­purpose acquisition corporation.