The Jamaica Stock Exchange (JSE) with the listing of four preference share issues on the Main Market by JMMB Group on April 19, achieved its hundredth listing of securities on the Exchange.
JMMB Group listed its US dollar Cumulative Redeemable 5.5% and 5.75% Preference shares on the US dollar market while the Jamaican dollar Cumulative Redeemable 7.25% and 7% Variable rate Preference Shares were listed by JMMB on the main market. JMMB raised over $9 billion from the market with these instruments. Since coming to market in 2007, JMMB has raised over $23 billion from the capital markets through its listings of 16 securities over the period. Currently, with 11 securities listed on the markets, JMMB has the record of having the most securities listed by any company.
Kino Williamson (l), Head of Finance, Cable Bahamas Ltd. points to the USD label while Scotia Investment CEO, Lissant Mitchell points to the JMD label. Also sharing the moment (from left) are Marlene Street Forrest, Managing Director Jamaica Stock Exchange, John Gomez, COO Cable Bahamas and Dylan Coke, VP Originations & Capital Markets, Scotia Investments
Speaking at the event, Marlene Street Forrest, Managing Director of the JSE, stated, “JMMB has used the power of the market and their record of accomplishment most effectively. Since inception, they have raised capital via IPO and have listed ordinary shares, restructured their company, made acquisition and have raised capital through issuance of preference shares. JMMB is a testament of what can be achieved by other companies by using the Exchange as a medium for business expansion and wealth creation. We are seeing where investors, companies and our government are beginning to understand the importance of the stock market in creating wealth sector-by-sector, individual-by-individual and company by company. It is non-discriminatory, non-partisan and is fixed in its pursuit, that is, to create wealth for everyone. We facilitate the listing of different products, classes of shares, government or corporate bonds. This is complemented by our Depository and Trustee Services offerings.”
Keith Duncan, Group Chief Executive Officer of JMMB.
Keith Duncan, Group CEO of JMMB Group congratulated the JSE on its 100th listing and told the audience that “JMMB Group could not have achieved the success it has without the Stock Exchange, which provided a great avenue for companies such as ours to access capital for growth and development. I appeal to all companies to look at the Stock Exchange as a medium to raise capital and do business as the economic climate is right for companies to access capital, with a low interest rate regime, debt to GDP reducing and the Government not in the market crowding out the private sector in respect to funding, this is an opportune time for companies to come to market and raise capital and grow their businesses. JMMB has done it successfully and others can do it too.”
