JMMB reports strong take-up of new prefs
Published:Wednesday | January 5, 2011 | 12:00 AM
Jamaica Money Market Brokers Limited (JMMB) said Tuesday that it had amassed subscriptions totalling about two-thirds of the target on the second day of the offer.
Marketing Manager Imani Duncan said that applications of some J$1.3 billion had come in.
The brokerage had hit the half-way mark from Monday, JMMB said in an earlier statement.
The company is trying to raise J$2.075 billion to fund capital programmes.
The two-tier offer, of 400 million 8.75 per cent preference shares at J$3 per unit for JMMB clients and another 250 million 8.5 per cent prefs at J$3.50 per share to the public, closes Friday.
Both prefs will pay monthly dividend up to redemption in 2016.