Business

JMMB lists preference shares

Thursday, April 19, 2018

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JMMB Group LtD (JMMBGL) is set to simultaneously list its four tranches of preference shares today at 9:00 am at the Jamaica Stock Exchange (JSE).

The listing will facilitate the trading of each of the preference stock units on the JSE.

JMMBGL offered four tranches of cumulative redeemable preference shares, with US$ and J$ options, which mature in 2025. The company, however, reserves the right for an optional redemption of all classes of preference shares, in full or in part.

The JMMB Group Jamaican-dollar cumulative redeemable preference share was offered at a rate of 7.25 per cent variable rate for JMMB Group clients and a lower rate of 7.00 per cent (variable rate, for non-clients). The US dollar-denominated cumulative preference shares will yield a fixed rate, of 5.75 per cent and 5.50 per cent, for clients and non-clients, respectively.

The JMMBGL preference share offer, which closed last month, raised $9.28 billion in total; almost tripling the company's initial target of approximately $3.2 billion.

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