Jamaica Money Market Brokers (JMMB) is to open the third tranche of its preference-share offer on Monday to the market where it will seek to raise $350 million.

The offer could remain open for as long as 10 months to November 6, the eve of the company's 16th anniversary; but JMMB said it would maintain watch on market response to determine the duration.

"While the closing date for the offer is set to November 6, consideration will be given from time to time as to whether the offer will be closed early or not," said Charles Chambers, senior originator for the structured finance unit at JMMB.

In its two-tier offer in December, the brokerage house raised more than $2.5 billion, though it had initially targeted $420 million.

Strengthen capital base

JMMB, whose capital base now stands at more than $10 billion, says the offer is priced at $3.50 per share, with minimum purchase of 10,000.

The shares will yield dividend of 12.15 per cent per annum, payable on a quarterly basis. They are redeemable in four years.

The offer is open to the general public.

JMMB's third tranche comes immediately behind the launch of Pan Caribbean's $2 billion issue, or $200 per share, which opened on January 31 to close at the end of the month.

Like JMMB, Pan Caribbean is seeking equity to strengthen its capital base while allowing itself flexibility for future expansion and investment opportunities.

sabrina.gordon@gleanerjm.com