Duncan THE shareholders of the Jamaica Money Market Brokers Limited (JMMB) recently passed a resolution to convert to a public company and list on the Jamaica Stock Exchange in this quarter.
JMMB's deputy managing director, Keith Duncan, said the company will be listing on the Jamaica Stock Exchange thereby giving its clients, staff and other members of the public the opportunity to become shareholders.
"When JMMB opened some 10 years ago the company's mission was to make the money market accessible to the average Jamaican. JMMB has been very successful over the years with our last year's profits being $552 million and therefore taking the company public creates the platform for the next level of growth.
"On November 6, we will be celebrating our 10th anniversary and we think that this would be an opportune time to invite the public to share in our success. In recognition of our clients contribution to our growth we will be having a special share allocation for them and our team members", said Mr. Duncan.
Mr. Duncan indicated that the move to take the company public is also in response to demands from JMMB's extensive client base many of whom are interested in benefiting from the future success of the company.
Between 20 and 30 per cent of the company's shares will be made available to the public. Mr. Duncan explained that no new shares would be created for the public offer. The shares that will be sold will come from JMMB's current shareholders which include the Duncan Family through Concise Limited, the Jamaica Venture Fund, Jamaica Producers, the Development Bank of Jamaica, National Commercial Bank of Jamaica and the JMMB Employee Share Ownership Plan (ESOP).
Since its establishment in 1992, JMMB has gone from operating out of a single location in the Corporate Area to seven branches in five parishes. The company now trades an average of $67 billion in Government and fixed income paper per month and has total funds under management valued at more than $41 billion. Earlier this year Caribbean Money Market Brokers (CMMB) JMMB's Caribbean Affiliate opened a subsidiary CMMB Securities Limited in Trinidad and Tobago. This marked the continuation of their regional expansion programme which was launched in 2000.
