By Andrew Green, Staff Reporter
Cocking
DEPUTY PRESIDENT of Capital & Credit Holdings, Andrew Cocking, says he expects Capital & Credit Merchant Bank (CCMB) to achieve the objectives of its share offer.
The bank and its holding company have placed 180 million shares on offer to the public at a price of $5 per share. This initial public offer closes today after a two-week extension of the closing deadline.
"We have certain objectives to meet and we will be fine," Mr. Cocking said, when asked whether the full amount of the shares was likely to be taken up by the public by today.
"You have sales going on all over the place and until they are accumulated and compiled down at Veritat (Corporation), you really don't know where you are," Mr. Cocking said. Registrar to the issue, Veritat Corporation, is assisting in processing applications.
"The last day (today) is always one of those when a ton of stuff comes in," Mr. Cocking said. And given the time required for processing, he said, "we won't really know until Thursday or Friday exactly where we stand."
Another business source, who spoke on condition of anonymity, said "the bottom-line is that it is going to be one of the best IPO's."
Expectations are that CCMB will be listed on the Jamaica Stock Exchange after the offer closes. In April, last year, CCMB achieved a first in merchant bank history in Jamaica when it reached $1 billion in shareholder equity.
