Nadaleen Singh

The delist­ing of Ja­maica Mon­ey Mar­ket Bro­kers Lim­it­ed (JMMB) and si­mul­ta­ne­ous list­ing of JMMB Group took place at yes­ter­day morn­ing at the same time on the T&T, Bar­ba­dos and Ja­maica Stock Ex­changes.

The change over comes ap­prox­i­mate­ly three years af­ter JMMB ac­quired Cap­i­tal & Cred­it Fi­nan­cial Group Lim­it­ed (CCFG) cre­at­ing a new struc­ture with­in the com­bined group of com­pa­nies which re­quired re­or­gan­i­sa­tion. That ac­qui­si­tion gave JMMB strate­gic ca­pa­bil­i­ties, in­clud­ing Cap­i­tal & Cred­it Mer­chant Bank Lim­it­ed, now JMMB Mer­chant Lim­it­ed, an en­ti­ty li­censed un­der the Fi­nan­cial In­sti­tu­tions Act of Ja­maica (FIA) and sub­ject to the su­per­vi­sion of the Bank of Ja­maica (BOJ).

Speak­ing at the delist­ing and relist­ing cer­e­mo­ny at the T&T Stock Ex­change (TTSE) in Port-of-Spain yes­ter­day, Ronald Carter, chief ex­ec­u­tive, JMMB In­vest­ments T&T, said the group had to be re­struc­tured "in a way that per­mits the BOJ to ef­fec­tive­ly car­ry out its su­per­vi­so­ry man­date un­der the FIA."

"On May 16, 2012, JMMB Group Lim­it­ed was there­fore formed as a new fi­nan­cial hold­ing com­pa­ny and will be at the pin­na­cle of the group struc­ture. JMMB Group Lim­it­ed will now be the pub­licly list­ed and ul­ti­mate hold­ing com­pa­ny of the com­bined group."

Carter as­sured the com­pa­ny's share­hold­ers that they will be able to re­tain their shares.

He ex­plained: "Or­di­nary shares will be trans­ferred, one for one, to JMMB Group Lim­it­ed–or­di­nary shares, al­low­ing share­hold­ers to re­tain the same vol­ume and val­ue of their shares.

The shares will al­so car­ry the same rights, ben­e­fits and oblig­a­tions of the pre­vi­ous JMMB Lim­it­ed or­di­nary shares. JMMB Group Lim­it­ed or­di­nary shares will list at the same price that the JMMB Lim­it­ed or­di­nary shares last trad­ed."

The JMMB Group of­fers a wide range of in­vest­ment so­lu­tions, bank­ing and in­sur­ance ser­vices in Ja­maica, T&T and the Do­mini­can Re­pub­lic and has an base of more than 200,000 in­di­vid­ual, cor­po­rate and in­sti­tu­tion­al clients.

It be­gan its ex­pan­sion to oth­er Caribbean mar­kets in 1999 through a suc­cess­ful joint ven­ture es­tab­lish­ing Caribbean Mon­ey Mar­ket Bro­kers (CMMB) in T&T and Bar­ba­dos.

In 2005, as a means of de­lib­er­ate busi­ness line di­ver­si­fi­ca­tion in the re­gion, JMMB ac­quired 50 per cent share­hold­ing in In­ter­com­mer­cial Bank Ltd (IBL), as at 2013 JMMB owns 100 per cemtof the IBL Group in T&T. In late 2012, the com­pa­ny opened JMMB In­vest­ments T&T.

JMMB Do­mini­can Re­pub­lic opened its doors in 2006 and in Oc­to­ber 2007 our new­ly-formed com­pa­ny was of­fi­cial­ly called JMMB Puesto de Bol­sa with a man­date to ac­tive­ly de­vel­op the Mon­ey Mar­ket in one of the largest Span­ish-speak­ing Caribbean is­lands.

There are cur­rent­ly two lo­ca­tions in the Do­mini­can Re­pub­lic.