In a media announcement on Wednesday, MASSY HOLDINGS disclosed that it has acquired the Jamaican gas producer IGL Ltd.
According to the press release, the board of directors of Massy Holdings Ltd authorized the purchase of IGL(St. Lucia) International Business Company on December 19. In order to purchase IGL(St Lucia), which owns 100% of IGL Ltd., for US$140.3 million, the business engaged in a share purchase agreement with Caribbean Petroleum Marketing Ltd.
IGL has been in business in Jamaica for 60 years as a top distributor of liquefied petroleum gas and a top producer of industrial medical gasses (IMG).
Massy said the acquisition was part of the company’s strategy to grow its gas products portfolio for its LPG and industrial medical gasses business operations in Jamaica.
The release noted, “Currently the gas products portfolio operates through a subsidiary company and is already involved in the sale of LPG and IMG.”
“The acquisition will represent a 7.3 percent increase in Massy Group’s Assets and will contribute to an increase in the group’s profit of approximately 7.1 percent.”
The transaction is anticipated to boost earnings before taxes by 29.7%, it was said.
The business said last Wednesday that it had paid US$47 million (TT$314.9 million) to acquire a Florida-based US retail chain. After the board’s approval on December 7, it finalized the transaction.
The Jamaican Fair Trading Commission must still approve the acquisition of the gas firm before it can be finalized.
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