FOR IMMEDIATE RELEASE:
Jamaica Money Market Brokers Group Listed on the JSE
(KINGSTON April 13, 2015): Jamaica Money Market Brokers Limited (JMMB), simultaneously delisted its Ordinary Shares and listed new shares in JMMB Group Limited as substitutes to JMMB shareholders at a ceremony at the Jamaica Stock Exchange (JSE) this morning. The one for one exchange means that the shareholders of the previous 1,630,552,532 share units in JMMB Ltd. now own the same number of shares in the JMMB Group, and continue to enjoy the benefits of being listed on the Exchange.
Mrs. Marlene Street Forrest, JSE General Manager, in her welcome remarks stated that “We (the JSE) are pleased that the JMMB Group of Companies continues to evolve and is relevant and responsive to its regulators, to the market, to their shareholders and have chosen the Exchange Group to assist them in achieving this objective. Mrs. Forrest noted that, so often when companies are encouraged to offer their shares to the public and to list on the Exchange, the responses invariably are that of, “I do not want to raise any money, I have enough”, or “I cannot take on all the levels of disclosure required”, or “I do not want to have others involved in my company”. She went on further to state that, usually however at some point in a business’ life:
More capital is needed to expand and grow
The level of disclosure required of listing proves to be a positive for banks and other institutions seeking to do business with that company.
The status of being listed on a recognized Exchange such as the JSE can propel the business that much faster
The fact that you are accountability to others than family and friends can drive the business to success
You seek new ventures or are retiring and the Exchange provides the best and most economical mechanism to divest your shares and to provide a transparent valuation
A company’s negotiations and cost of capital are that much lower because the company is listed on an Exchange
Patient capital will be the best alternative for the company to weather sometimes rough economic patches.
In closing Mrs. Forrest said, “We take this opportunity to remind those persons who frame or who assist in framing legislation that the Exchange is a key component of capital market and by extension, the economy and that here lies a utility which can assist in fostering the growth that seems to elude us as a country.
Mr. Keith Duncan, CEO JMMB Group revealed that “This strategic move follows the unanimous vote by our shareholders, the approval of the Supreme Court of Judicature of Jamaica; and is in keeping with the Omnibus Banking Legislation that was enacted to facilitate greater supervision of the financial sector, and provide the Bank of Jamaica (BOJ) with a consolidated view of the Group”. He went on to inform the audience to “expect even more exciting times ahead from us, as we move to unveil innovative financial solutions to the market, and change the face of financial services in the region, with exceptional client-experience through our unique value proposition”.
JAMAICA STOCK EXCHANGE
TEL: (876) 967-3271
FAX: (876) 924-9090