Fri | Dec 9, 2016

CCMB to delist April 14

Published:Friday | March 25, 2011 | 12:00 AM
Headquarters of the Capital and Credit Merchant Bank in New Kingston. - File

Capital & Credit Merchant Bank Limited will redeem its preference shares on April 13, and delist from the Jamaica Stock Exchange a day later.

The merchant bank has approximately 42.7 million shares listed on the JSE.

CCMB's December financial statements states that the outstanding liability on the preference shareholdings is J$86.7 million, with interest accrued. CCMB will pay a dividend of six cents per share on March 29, amounting to J$2.57 million.

The CCMB preference stock, which last traded at J$1.87, was listed just over two years ago in a restructuring exercise when the parent company, Capital and Credit Financial Group, went public.

At that time, the ordinary shares of CCMB were delisted, and the prefs created.

CCMB is the dominant company of the two trust and merchant banks in operation in Jamaica. At its financial yearend, December 2010, the company had assets totalling J$39.5 billion.

Net profits improved marginally from J$342.7 million in the previous year to J$344 million.

CMMB is the largest of Capital and Credit's six subsidiary operations in Jamaica.

sabrina.gordon@gleanerjm.com