Sep 2013 Financial News

JMMB oversubscribed

Sep 04, 2013

JAMAICA Money Market Brokers preference share offer was oversubscribed.
It closed last Friday, but the near-bank was unable to compile and process the applications to give the Jamaica Stock Exchange complete details on the transactions, due to what the company described as administrative constraints.

The firm surpassed its goal of raising $751 million, which it plans to use to further fund its growth.

"This offer will enable the JMMB Group to continue its business line diversification strategies and expansion into new markets locally and regionally," said JMMB in its prospectus. "In addition, the group will continue to explore new acquisition targets, thereby building its long-term sustainable shareholder value."

More specifically, over the next three years the financial institution plans to apply for a commercial licence, grow its capital markets and unit trust business, and complete acquisitions in Trinidad and Tobago and the Dominican Republic.


Source:
Jamaica Observer
Wednesday September 4, 2013

http://www.jamaicaobserver.com/business/JMMB-oversubscribed_14998175#ixzz2e27BM1wL