JMMB seeks to purchase Capital and Credit group

Jamaica Money Market Brokers Limited (JMMB) and Capital & Credit Financial Group Limited (CCFG) yesterday said they have been in dialogue in connection with JMMB's interest in making an offer to acquire up to 100 per cent of the issued share capital of CCFG at a price of J$4.55 per share.

"It is JMMB's intention that such an offer would involve the offer price being payable partly in cash and partly by way of an issue of new ordinary shares in JMMB to the shareholders of CCFG, subject to the necessary JMMB shareholder approvals being obtained," the financial entities said in a joint release.

"This transaction would involve a change of control whereby JMMB would gain control of Capital & Credit Merchant Bank Limited, a subsidiary of CCFG and a licensee under the Financial Institutions Act and would therefore be subject to the approval of the Bank of Jamaica (BOJ). The completed application will be submitted to the BOJ by the end of September and it is hoped that a favourable conclusion will be achieved by year end."