During its annual general meeting, JMMB Group received a unanimous vote from the majority of shareholders in attendance, and those voting by proxy to issue an additional 325 Million JMMB Group Limited (JMMBGL) ordinary shares, at a future date to be determined by the company.
According to a JMMB media release, the proposed offer is consistent with JMMBGL’s growth strategy, and will permit the JMMB Group of companies to continue its organic expansion and diversification, through investment in other entities, whether by acquisitions or strategic investments.
The proceeds from the proposed offer will provide the company, and the rest of the JMMB Group of companies, with greater financial flexibility to quickly take advantage of changing economic, regulatory and market conditions.
According to the media release, JMMBGL expects to announce the timing and the pricing of the proposed offer within the coming weeks, with the offer expected to be launched during the last quarter of 2019, subject to all regulatory approvals being obtained, and to prevailing market conditions.
The details of the offer will be contained in a published prospectus, upon the requisite regulatory approvals.
The media release also said, the JMMB Group, is focused on consolidating its operations across the region, through standardisation of technology, processes and procedures to extract greater synergies and maximise efficiencies. As part of this process, the Group will also implement centralised operations and support services for key support functions, to drive greater productivity.
Keith Duncan, JMMB Group CEO, said that the company’s plan would also include new business lines, segments and acquisitions, even as it deepened its presence in the current markets in which it operates, to drive revenue.
JMMB Group, which offers investments, insurance brokerage, foreign exchange trading, money transfer and fund management, has maintained a stable financial outlook, with 7 per cent increase in its profit, year-over-year, for the financial year ending March 31, 2019.
JMMB’S STRATEGIC DIRECTION