Courtney Campbell, VM Group President and CEO - Gleaner file photo
VM Financial Group has raised $11 billion in a preference share offer.
VM Financial Group, the newly established financial holding company for VM Group Limited, put up the offer through a restricted placement, made available to accredited investors only.
The shares, first offered in April, were listed on the Jamaica Stock Exchange on Friday.
Of that sum raised, $6.8 billion came from converted VM Building Society Deferred Shares, while $4.2 billion in new funds listed as Class A, B and C shares.
Class A was offered at a 10 per cent dividend rate, Class B at 11.21 per cent variable, and Class C at 12.5 per cent fixed to float.
A fixed to float security pays a defined return for a given period of time; however the payout may change based on specific criteria.
VM Group President and CEO Courtney Campbell has explained that the funds will be used to strengthen the capitalization of the Group's operating subsidiaries and support growth plans.
Mr. Campbell also says the Group is exploring regional partnership opportunities, as well as avenues to expand its payments business.
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