Attorney General Faris Al-Rawi yesterday clarified statements that the $12 billion in uncollected Value Added Tax (VAT) which he spoke about was taken out of context by the media.
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JMMB explores market opportunities
KINGSTON, Jamaica—The resounding success of Jamaica Money Market Brokers Limited’s (JMMB) recent offer of US dollar-denominated unsecured notes as a private placement was part of an effort to meet the company’s targeted investment objectives of its client base in Jamaica. The offer raised US$20 million in financing Keith Duncan, Group CEO of JMMB, expressed delight at the response to the offer.
“JMMB has always prided itself on being keen in ensuring that we offer solutions that meet the unique financial needs of our clients. Having noted, our Jamaican clients’ demands for attractive US dollar investment opportunities; and, as an integrated financial solutions provider, we responded through the offering of these extendible notes,” he said.
Commenting on spin-off benefits, Duncan said: “These raised funds have enhanced the financial flexibility of the JMMB Group, which puts us in a better position to take advantage of attractive market opportunities across the region. It is expected that it will also redound to the benefit of (and increase) shareholder value, over time.” In rolling out its integrated financial services model across the region within the past 12 months, JMMB has concluded two acquisitions in T&T.
The first was full acquisition of Intercommercial Bank Ltd. and Intercommercial Trust & Merchant Bank Ltd. (IBL Group), last September. The other was acquisition of AIC Securities Ltd., in May. Coming out of these recent acquisitions, JMMB is unearthing all of the resultant synergies, with the aim of augmenting its suite of financial solutions to its client base in T&T.
“We are indeed excited about the prospects that abound both in the English and Spanish-speaking Caribbean. Our accomplishments to date indicate that our strategy of exploring these opportunities and meeting the needs of our valued clients, serve as a winning formula for shareholders, clients and team members alike,” Duncan said. Headquartered in Kingston, Jamaica, JMMB is a financial services group founded on the principles of love and having the best interest of all at heart.
It has operations in Jamaica, the Dominican Republic and T&T and its lines of business span securities dealing, stock brokering, foreign exchange trading, insurance brokering, banking and remittances. It is listed on the T&T, Barbados and Jamaica Stock Exchanges.