JMMB nears end of restructuring, relists on three exchanges
There is only one step left for completing the reorganisation of the JMMB group following its relisting, the company indicated on Tuesday.
The company has restructured under a new parent operation called The JMMB Group Limited, which was listed on exchanges in Jamaica, Trinidad and Barbados on Monday.
Company Secretary Carolyn DaCosta told Wednesday Business that now that the Scheme of Arrangement has been implemented, the final substantial step is for direct ownership of JMMB Merchant Bank Limited to be transferred from Capital & Credit Financial Group Limited to JMMB Group Limited, as agreed with the central bank.
"The merchant bank will, therefore, become a direct subsidiary of the holding company, instead of an indirect subsidiary," she said.
JMMB acquired the Capital & Credit group in 2012.
Flagship Jamaica Money Market Brokers Limited has also become a subsidiary of JMMB Group under the new structure. The money market company's shares, which traded under the symbol JMMB, were delisted, while JMMG Group will now trade under the symbol JMMBGL on the three exchanges.
The new structure was approved by shareholders from last September, while court approval was granted on November 5, 2014.
Shareholders of JMMB have been issued equal shares in JMMBGL. The JMMB stock stopped trading on April 2, 2015 to facilitate the delisting. It was then valued at $7.48 on the main market of the Jamaica Stock Exchange.
"The JMMB Group Limited ordinary shares will also carry the same rights, benefits and obligations as the previous JMMB Limited ordinary shares," the company said in a press release.
JMMBGL relisted at Monday at $7.48, with no activity on the stock that day, but closed down 45 cents at $7.03 on Tuesday.
JMMB is a 22-year-old company founded by the late Joan Duncan, a pioneer in the money-market field. Its operations now span banking, investments, cambio, insurance brokering and remittance services.