By McPherse Thompson, Staff Reporter
JAMAICA MONEY Market Brokers (JMMB) said it has already sold about 80 per cent of the 234.1 million ordinary shares it placed on the local market last week, and is expecting the offer to be fully subscribed by the time it closes on Friday afternoon.
Most of the offer has so far been taken up by retail customers, Leo Williams, managing director of JMMB Securities, the lead broker for the offer said yesterday.
Mr. Williams said about five or six institutional investors have so far taken a stake in the public offer, with others expected to come on board by Friday, but he declined to identify the institutions.
Shareholders in JMMB are offering about 16 per cent of their more than 1.4 billion shares to the public, at $4.15 per stock unit, to raise more than $900 million. Applications must be made for a minimum of 500 shares and multiples of 100 share increments and can be bought through JMMB Securities or any stockbroker that is a member of the Jamaica Stock Exchange (JSE). The allotment results are expected to be announced on December 17.
Some 144.6 million of the shares is being underwritten by Clico Investment Bank of Trinidad & Tobago to the tune of $600 million, but the underwriting portion has not been included in the 80 per cent sale so far, said Mr. Williams.
The shares being sold come from the Duncan family through Concise Limited, Jamaica Venture Fund, Gracelyn Limited, Jamaica Producers Group, the Development Bank of Jamaica and National Commercial Bank Jamaica.
Shareholders in JMMB are offering about 16 per cent of their more than 1.4 billion shares to the public, at $4.15 per stock unit, to raise more than $900 million.
