JMMB Group is offering 266,737,797 ordinary shares to the public with the option to upsize it to 325 million units and raise up to J$12.4 billion that would lift the existing capital from 1,630,552,532 units to 1.96 billion.
The shares are priced at J$38 for existing shareholders, team members and key investors and J$38.75 for non-reserved share applicants resident in and making applications in Jamaica. Subject to receipt of regulatory approvals for the invitation in Trinidad and Tobago, TT$1.90 per new ordinary share for existing shareholders and team members and key investors for applicants resident in and making applications in Trinidad and Tobago and TT$1.94 per new ordinary share for non-reserved share applicants.
The offer opens in Jamaica on October 22 at 9 am and in Trinidad and Tobago on October 25 at 9 am and scheduled to close on November 7. The Company reserves the right to close the offer prior to the closing date, provided that, early closure of the application list in Jamaica shall not occur prior to the end of a period of seven days following the Opening Date.
JMMB Group enjoyed moderate growth in earnings over in the past three years with earnings per stock unit for the 2019 fiscal year being $2.34 just slightly higher than the $2.18 in the previous year and $2.03 in 2017 after it jumped from $1.39 in 2016. Total comprehensive income better reflects the quality of management of the operation, by this measure with the exception of 2017 when total comprehensive income hit $4.76 billion profit have not reached that level since, with 2019 hitting $3.4 billion. Dividend payout ratio declined from 26.24 percent in 2016 to 20.65 percent in 2019 although the total amounts paid out have grown.