JMMB plans new share offering
JAMAICA Money Market Brokers Limited (JMMB) plans to issue new preference shares next January to replace $2.5 billion worth of shares that become due in December, when the firm plans to fully pay back for those shares.
Today, the financial institution notified the Jamaica Stock Exchange that “two classes of its preference shares, cumulative redeemable 12 per cent preference shares and cumulative redeemable 12.25 per cent preference shares, will become due on December 14, 2010 and will be paid out in full at that time.”
The shares, which were issued in November 2007, are valued at $2.52 billion.
“JMMB intends to have a new preference share issue in January 2011 to satisfy client demands for low-risk investment opportunities with regular cash flows as well as deepen the institution’s capital base, continuing the company’s growth trajectory,” the notification added.
As at June 30, 2010, JMMB had $7.3 billion in capital.
