JMMB Group returning to equity markets

preference share offers between early 2016 and 2018. These offers were oversubscribed and are expected to mature in 2024 and 2025.

The new preference share issue will only be offered in Jamaica and might be larger than the $9.3 billion offer in 2018.

Although the group hasn’t specified what the funds will be used for, CEO Keith Duncan pointed towards several pipeline acquisitions which should support the firm’s overall expansion strategy, which has been on full display in the last decade. He also said that the group would be making its Central American début in the near term with Costa Rica being its primary market of interest at the moment.

JMMBGL declared its first dividend of the new financial year — $488.9 million ($0.25 per share) — which will be payable on December 21. However, this is constrained to the Bank of Jamaica’s requirement which requires only shareholders owning less than one per cent of the shares be paid any dividends.

JMMBGL has several notes which will be payable in the next year with a $20.1 billion promissory note maturing at the end of April.

The group recently launched a partnership with Supreme Ventures Limited (SVL), which will see its small and medium-sized enterprises clients gaining access to business services from SVL’S new Business Hub.