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JMMB Group plans share offering

JMMB Group Ltd. said it plans to offer on Feb. 28 four new cumulative redeemable preference shares, without par value, denominated in both U.S. and Jamaican dollars.

The Jamaican dollar-denominated shares will be split into an offering of 950.0 million preference shares at a 7.25% variable rate for JMMB Group clients, and 50.0 million preference shares at a 7.00% variable rate offered for non-clients.

The U.S. dollar-denominated cumulative preference shares will be offered in two tranches: 4.5 million preference shares at a fixed rate of 5.75% offered to clients, and 500,000 preference shares at a fixed rate of 5.50% for non-clients.

All tranches will offer preference shares at a price of US$2 and 2 Jamaican dollars per share. Proceeds from the offerings will be used for company expansion both locally and regionally, and its capital management strategy.

JMMB Group added that all the shares will mature in 2025, but it still has the right to redeem all share classes in full or in part.

As of Feb. 26, US$1 was equivalent to 125.49 Jamaican dollars.