Kingston,
Jamaica, June 16 – GraceKennedy Group CEO Don Wehby has announced that
it has entered into the previously reported conditional agreement for
the sale of GraceKennedy’s
58.1% shareholdings in Hardware & Lumber Limited (H&L) with
Greystone Equity Partners Inc. and/or nominee and who has nominated
Argyle Industries (Jamaica) Limited as its nominee.
The
transaction terms include a maximum price of J$18.50 per ordinary share
with the agreement subject to conditions and with completion
anticipated by the end of July.
Mr.
Wehby reminded that the agreement is conditional and stated that
“GraceKennedy is looking forward to the conclusion of the transaction in
a timely manner and will communicate
further as soon as it is finalized.” He reiterated that GraceKennedy’s
decision to sell its shares in H&L was a strategic one, having
regard to its core strategy of expansion in the foods and financial
services sectors. He added, “We feel very positive about
the continued growth of H&L under the prospective new owners who
have signaled that they are excited about the possibilities for the
future”.
H&L
currently comprises two separate divisions - Rapid True Value — the
foremost local supplier of hardware and home improvement products, and
the Agro Grace business — local wholesaler
and retailer of agricultural products.
There
are currently 10 Rapid True Value outlets across Jamaica, along with
six AgroGrace Retail Centres. The company is headquartered at 697
Spanish Town Road in Kingston.
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