CAMPBELL
CAPITAL AND Credit Merchant Bank Limited (CCMB) raised over $1 billion from its recently concluded rights issue, the board of directors announced yesterday.
The company raised $1,072,938,800 dollars or approximately 89 per cent of the $1,207,040 which the company sought from the 58.88 million shares offered at $20.50 per share to the market.
The rights issue which closed on Tuesday, November 15 came against the background of a very fragile financial market which has been showing massive declines on the Jamaica Stock Exchange (JSE) and some instability in the foreign exchange market.
"Raising over $1 billion in new capital in this market at this time is a considerable achievement," the bank's Chairman, Ryland T. Campbell, said. "We at Capital & Credit Merchant Bank have once again succeeded, as we did for the initial public offer of shares, despite the weakness of the stock market."
Capital & Credit Merchant Bank, now in its 12th year, is the first listed company on the JSE to have its rights issue traded and to have raiseD over $1 billion from it. The newly sold shares are expected to commence trading in a few weeks.
With the funds raised from the rights issue, CCMB will continue its focus on completing the re-alignment of its business model and the introduction of its new T-24 core-banking technology.
