Breaking News
skip to Main Content

VM Financial Group Lists Three Preference Shares on Jamaica Stock Exchange

VM Financial Group Lists Three Preference Shares on Jamaica Stock Exchange

KINGSTON – VM Financial Group Limited (VMFG) has marked a significant milestone by successfully raising J$11 billion through the private placement of its shares. This move culminated in the listing of three tranches of preference shares on the Jamaica Stock Exchange’s (JSE) Private Market on Friday, July 14, 2023. The listing event took place at the JSE headquarters, located at 40 Harbour Street, Kingston.

During the offer period, which ran from March 30 to May 12, 2023, VMFG made available a total of 110 million shares to accredited investors at J$100.00 per share. With this recent listing, the JSE now boasts a total of 148 listed securities, of which 12 are part of the JSE’s Private Market.

The three tranches of VMFG preference shares are categorized as Class A, B, and C. The breakdown of their listed values is as follows: Class A at J$8.52 billion, Class B at J$608 million, and Class C at J$1.89 billion.

Dr. Marlene Street Forrest, the Managing Director of the JSE, commented on the listing, saying that it “speaks volumes about investors’ unwavering commitment to funnel capital into companies with a clear utilization strategy and an attractive ROI.” Despite global market uncertainties, Dr. Forrest sees the listings as a beacon for “astute investors” who recognize long-term market potentials.

VM Group’s President and CEO, Mr. Courtney Campbell, expressed excitement about the newly restructured VMFG, which underwent significant changes in February 2023. Campbell praised Dr. Street Forrest for her exemplary leadership of the JSE and recalled its impressive growth trajectory over the past two decades. Highlighting the challenges posed by a tight liquidity environment and soaring interest rates, he said, “We not only reached but surpassed our target of J$11 billion, thanks to accredited investors through Exempt Distribution. This capital will be crucial in fortifying the core subsidiaries of VM, ensuring we remain robust amidst the uncertainties, and it will also fuel our ambitious growth initiatives.”

Closing the event, Mr. Brian Frazer, Deputy CEO of VM Wealth Management Limited – the brokerage that spearheaded VMFG’s offering – stated that the listing on the JSE’s Private Market wasn’t just a procedural culmination. “This is indicative of our stakeholders’ and clients’ enthusiasm about VM Group’s growth trajectory,” Frazer concluded.

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top