THE HISTORIC trading in rights on the Jamaica Stock Exchange of Capital & Credit Merchant Bank's rights issue ended yesterday, with indications of a positive reception by the marketplace.
Over 15 million rights-to-shares (15,655,813) were traded on the Jamaica Stock Exchange (JSE), during the trading in rights period which began on October 18. With the purchase price of CCMB shares being J$20.50, the value of the rights to shares traded is approximately J$321 million.
MARKS TRADED
This marks the very first time that rights have been traded on the Jamaica Stock Exchange.
The trading in rights on the Trinidad & Tobago Stock Exchange (TTSE) however, begins today and will last for three days until October 28.
CCMB's historic rights issue involves the sale of nearly 59 million shares, at $20.50 per share - a 1 in 10 offering.
The funds raised from the rights issue will be used to expand the bank's capital base. This will facilitate deposit and loan growth, strategic regional positioning, as well as the implementation of real-time, cutting edge technology.
In order to synchronise the timing on both Jamaica and Trinidad & Tobago stock exchanges, the Capital & Credit rights issue has been extended to Tuesday, November 8.
