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CCNTV6
  • 10 months ago
Massy Group has announced that it is selling all of its shareholding in Massy Distribution Jamaica Limited to Caribbean Distribution Partners.
Transcript
00:00Group has announced that it is selling all of its shareholding in Massey Distribution Jamaica
00:05Limited to Caribbean Distribution Partners. In a statement on February 3rd, Massey said
00:10it has signed a share purchase agreement which will allow CDP to acquire 100 percent of its
00:16shares in the company and the transaction will be completed subject to regulatory approvals.
00:22Massey Group says while it was able to develop a strong distribution presence in the market,
00:27it was missing a couple of other elements to ensure success. The company states that
00:32a fully integrated approach is needed in Jamaica and it shares its expectation that
00:37CDP will be able to build on the foundation that was created. CDP is half owned by Trinidad-based
00:44Agostini Limited and the Bajan Company, Goddard Enterprises Limited. Massey Group points to its
00:51140 million US dollar acquisition of Jamaican company Industrial Gases Limited as being the
00:57largest in recent times, representing its confidence in Jamaica's potential.
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