The JMMB Group Ltd (JMM­BGL) yes­ter­day ad­vised that its T&T fi­nan­cial en­ti­ties (in­clud­ing JMMB Bank (T&T) Lim­it­ed) are now in­di­rect­ly con­trolled by JMMB Fi­nan­cial Hold­ings Ltd.

JMMB Fi­nan­cial Hold­ings Ltd is the fi­nan­cial hold­ing com­pa­ny of the JMMB Group li­censed by the Bank of Ja­maica as re­quired un­der the Bank­ing Ser­vices Act (2014).

In a no­tice post­ed on the Trinidad and To­ba­go Stock Ex­change, the JMMB group stat­ed that its Trinidad and To­ba­go fi­nan­cial en­ti­ties are now con­trolled by Ja­maica Mon­ey Mar­ket Bro­kers (Trinidad and To­ba­go) Ltd, which is in turn con­trolled by JMMB Fi­nan­cial Hold­ings Ltd which is in con­trolled by the ul­ti­mate par­ent JMMB Group Ltd.

The no­tice stat­ed that this change does not im­pact the ser­vices pro­vid­ed by the sub­sidiaries in T&T.

The change was ef­fect­ed via an amal­ga­ma­tion and took ef­fect on Jan­u­ary 31 2024.

The no­tice stat­ed that con­fir­ma­tion of the ef­fec­tive date was re­ceived from the Trinidad and To­ba­go Com­pa­nies Reg­istry on Feb­ru­ary 16, 2024.

JMM­BGL is pub­licly list­ed on the stock ex­changes of Ja­maica and T&T.

Last Fri­day, JMM­BGL The Di­rec­tors are pleased to an­nounce that the JMMB Group Lim­it­ed post­ed net prof­it of J$17 bil­lion(TT$739 mil­lion) for the nine months end­ed De­cem­ber 31, 2023. That com­pares to a loss of J$7.77 mil­lion (TT$338 mil­lion) for the same pe­ri­od in 2022.

In re­marks on the com­pa­ny’s per­for­mance, Kei­th Dun­can, the CEO of fi­nan­cial ser­vices group Kingston, Ja­maica said its prof­its were buoyed by a ma­te­r­i­al one-off oc­cur­rence, as the group’s in­vest­ment in Sagi­cor Fi­nan­cial Com­pa­ny (SFC) con­tributed to JMM­BGL in share of prof­it over the nine-month pe­ri­od.

The ma­te­r­i­al one-off oc­cur­rence is as a re­sult of SFC’s ac­qui­si­tion of 100 per cent of Ivari Hold­ings, a mid-sized in­sur­ance com­pa­ny in Cana­da for a con­sid­er­a­tion of C$375 mil­lion (TT$1.87 bil­lion).

“A for­mal Busi­ness Ac­qui­si­tion Re­port (BAR) was filed with the Toron­to Stock Ex­change (TSX) on De­cem­ber 14 2023, which high­light­ed a bar­gain pur­chase gain of US$434.7 mil­lion (TT$2.95 bil­lion) of which 23.44 per cent or J$14.6 bil­lion (TT$634.7 mil­lion) ac­crued to JMMB Group,” ac­cord­ing to the JMM­BGL fi­nan­cial state­ment.

In­vesto­pe­dia de­fines a bar­gain pur­chase gain as a busi­ness com­bi­na­tion in which as­sets are ac­quired for less than fair mar­ket val­ue.

“Cur­rent ac­count­ing rules for busi­ness com­bi­na­tions re­quire the ac­quir­er to record the dif­fer­ence be­tween the fair val­ue of the ac­quired net as­sets and the pur­chase price as a gain on its in­come state­ment due to neg­a­tive good­will,” In­vesto­pe­dia said.