VM Investment parent of VM Wealth Management planning to list.
The Initial Public Offer of shares in VM Investments Limited the immediate parent company of VM Wealth Management (VMWM) will open on Monday December 11 and is priced at $2.45 per share.
The annual report of Victoria Building Society stated that 2016 turned out to be another record breaking year for VM Wealth Management, as net profits after taxes of $326 million surpassed the previous record of $310 million in 2015. VMWM’s total operating revenue was $808 million, virtually the same as in the previous year. Revenues comprised mainly of Net Interest Income of $248 million, gain from investment activities of $279 million and net fees and commissions of $280 million. Third party assets under management increased by $4.4 billion or 55 percent, from $8 billion in 2015 to $12.4 billion in 2016. 
This was due mainly to increased promotion and the introduction of our new unit trust product with 6 new portfolios – three US$ bond portfolios, one J$ bond portfolio, one local equities portfolio and a real estate portfolio.
DEVON BARRETT, MBA, is the Group Chief Investment Officer & Chief Executive Officer, Victoria Mutual Wealth Management.
The VM Investments issue is adding to a very busy December, for IPOs and this is likely to be followed January with another busy slate of Initial Public Offerings. Planned issues by Mayberry Investments that were expected in December, may be put off until January, IC Insider.com has been informed. Sygnus Capital Investments is the other that could be listed in January.
[…] VM Investments Limited the immediate parent company of VM Wealth Management (VMWM) will offer just over 300 million shares on Monday December 11 at $2.45 per share to raise $689 million. A total of 225,003,750 Ordinary Shares in the Offer are initially reserved for staff and customers of the VMBS group at a discount from $2.08 to $2.33 each and 75 million for the general public at $2.45 each. The offer which opens on December 11 is scheduled to close on December 18. It is the intention to list on the main market of the Jamaica Stock Exchange after the issue closes. It is the Company’s intention to use the proceeds to build its capital base to enable it to provide financing solutions and to capitalize on new business opportunities. In this regard the CEO Devon Barrett stated that they intend to allocate $1 billion per year to meet the needs of the small business sector where data shows that there is an annual demand for $20 billion in financing. The Directors expect to distribute up to 75 percent of the after-tax earnings as cash dividends up from 55 percent on average to date. […]