The Board of Directors of Jamaica Money Market Brokers Limited has advised it has approve the company’s full participation in the Government of Jamaica’s National Debt Exchnage Offer (“NDX”). This participation includes all the JMMB’s subsidiaries, including Capital and Credit Merchant Bank, JMMB Securities Limited, JMMB Insurance Brokers Limited and Capital and Credit Securities Limited.
The requirements and implications of the NDX has been discussed at length with Management and the Board and it was agreed that it is a necessary step for the benefit of the country. While it is anticipated that this will have short term adverse impact on profitability it will not materially affect capital of the Group. The Board considers participation in the NDX to be in the best long-term interests of the shareholders of JMMB.
