Duncan
JAMAICA MONEY Market Brokers Ltd., headed by Donna Duncan, signed an underwriting agreement last Friday, with Clico Investment Bank (CIB), a subsidiary of the powerful Trinidadian conglomerate C.L. Financial Group.
CIB will underwrite approximately 145 million shares of the 234 million shares that existing shareholders are offering to the public. Subject to the approval of the Registrar of Companies the offer will open on Monday December 2, 2002 and will be closed on Friday December 13, 2002. JMMB expects to be listed within two weeks of the ffer closing as this Offer for Sale is part of its application for listing on the Jamaica Stock Exchange (JSE). Additionally the company is applying for a cross-listing on the Trinidad & Tobago Stock Exchange (T&TSE), which will allow JMMB's shares to trade in Trinidad. This Offer for Sale will be the first Initial Public Offering on the JSE in which allocations will be made electronically via the Jamaica Central Securities Depository (JCSD).
Over the past two weeks the Jamaican stock market has experienced increased activity as a result of improved liquidity conditions in the local financial markets. This has resulted in the main Jamaica Stock Exchange (JSE) Index reaching a record 43,456.84 points on Friday, November 15th, 2002.
The strong performance of the market augurs well for the JMMB share offer, given the company's superb financial growth since 1994. Funds Under Management (FUM) have recorded phenomenal growth since 1994, reaching a record J$42 billion as at the end of the six month period ending August 31, 2002.
This represents the largest quantum of FUM by any brokerage house in Jamaica. JMMB's joint venture company in Trinidad, Caribbean Money Market Brokers (CMMB) Ltd., has also performed spectacularly since inception in August 2000, with FUM reaching a record J$15.7 billion. At year end March 31, 2002 CMMB recorded profits after tax of J$105.2 million and as at October 31, 2002 net profits after tax have already surpassed J$180 million. JMMB's Net After Tax profits have also shown exceptional growth, reaching a record J$552 million in February 2002, and for the first six months of the current financial year, profits after tax have soared to J$644 million as at August 31, 2002.
The company's capital base has accelerated to J$1.677 billion as at August 2002. The company will be hosting a series of community meetings for potential investors across the major towns in which JMMB's branches are located. The meetings will be aimed at providing detailed information on the public offering. These meeting will run from November 25 to December 2, 2002.
