PanJam acquires 6.1% pale in JMMB
PanJam Advance Ltd has acquired a 6.1 per cent pale in JMMB Group Limited (JMMBGL), authoritative it the fourth-largest buyer of the cyberbanking institution.
The accretion of 100,000,000 shares in the aggregation took abode on Wednesday, September 26 back JMMB stocks bankrupt at $26.53, account the acquirement at $2.7 billion. JMMB stocks traded at $32.15 at the abutting of bazaar on Thursday.
Vice-president of New Business Development and Action at PanJam Joanna Banks in account to shareholders acclaimed that PanJam’s advance in JMMBGL is in band with the company’s abiding action to booty allusive disinterestedness positions in strong, growing companies with a bounded reach.
“We accept that avant-garde and able cyberbanking institutions are a key basic of any economy. JMMBGL has carved a alcove for itself in Jamaica’s able-bodied and aggressive cyberbanking sector. We apprehend that it will capitalise on opportunities as it transitions into the advance appearance of its strategy,” she said.
The group’s acquirement of JMMBGL shares was adjourned with gain from a clandestine adjustment in anchored addendum with a 19-month maturity.
JMMBGL is fabricated up of JMMB (Trinidad and Tobago) Ltd and subsidiaries, JMMB Ltd and subsidiaries, JMMB Money Transfer Ltd and bartering coffer newcomer, JMMB Coffer (Jamaica) Ltd.
The business covers investments, banking, remittance and allowance services, agnate in attributes to that of the Sagicor Group which continues to drive net accumulation for PanJam from its alone curve and advance cyberbanking segments. PanJam currently has a 32 per cent advance in Sagicor.
JMMB Coffer seeks to capitalise on accepted advance opportunities in Jamaica’s transportation, accumulator and advice sectors.
The cyberbanking academy affairs on establishing itself as a able amateur in the bounded bartering cyberbanking amplitude by 2020, and will cycle out a abounding apartment of products, constant with acceptable bartering cyberbanking operations, as able-bodied as different band-aid sets in acknowledgment to applicant demand.
JMMBGL additionally anesthetized a resolution to delist all its issued and outstanding shares from the Barbados Banal Exchange (BSE), citation that the low levels of trading of its shares do not absolve the costs and circuitous authoritative requirements associated with advancement the listing.
PanJam’s pale in JMMBGL added diversifies the group’s advance portfolio, which is bedeviled by absolute acreage activities, including rental, administration and development of bartering properties, and bound insurance. Its associated companies — Sagicor Group Jamaica Ltd, New Castle Aggregation Ltd and Chukka Caribbean Adventures Ltd — abide to bear able after-effects for company.
Investing in Jamaica for over 50 years, PanJam Group is amid the better about listed companies in the Caribbean. For the six months concluded June 30, net accumulation attributable to PanJam shareholders totalled $1.8 billion compared to 2017’s $1.75 actor while balance per banal assemblage grew to $1.72.
PanJam’s affair of the 2025 Tranche B Global band in May and September 2018 were acclimated to refinance absolute debt and armamentarium advancing advance activities. It was admired at $1.49 million.
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