EnergiesNet.com 12 26 2022
Massy Gas Products Holdings Ltd (MGPHL) has entered into a share purchase agreement with Caribbean Petroleum Marketing Ltd to acquire 100 per cent of the share capital of IGL (St Lucia) IBC Ltd for US $140.3 million.
According to a notice by the T&T Stock Exchange, the acquisition will represent a 7.3 per cent increase in the Massy Group’s assets and will contribute to an increase in the group’s profit of approximately 7.1 per cent.
For the gas products portfolio, the acquisition is expected to increase its profit before tax by 29.7 per cent.
IGL (St Lucia) IBC Ltd owns 100 per cent of the share capital of IGL Ltd, a company that has operated in Jamaica for six decades and whose primary business functions are the distribution of liquefied petroleum gas (LPG), manufacturing and distribution of industrial medical gases and the provision of a range of related services in both segments.
The notice said MGPHL entered into the agreement on December 19, 2022 and completion of the transaction remains subject to regulatory approval by the Jamaican Fair Trading Commission.
It said the acquisition of IGL (St Lucia) IBC Ltd from Caribbean Petroleum Marketing Ltd is part of the gas products portfolio’s growth strategy for its liquefied petroleum gas and industrial medical gases (IMG) business operation in Jamaica.
Currently, the gas products portfolio operates in Jamaica via subsidiary company and is already involved in the sale of LPG and IMG.
It was only recently that T&T’s distribution conglomerate, Massy Holdings acquired US grocery store chain Rowe’s IGA Supermarket for US$47 million.
The acquisition was made through Massy’s American subsidiary, Massy Stores (USA) LLC.
This is the second company Massy Holdings has bought in recent weeks.
The purchase of the supermarket chain came almost weeks after announcing the sale of the T&T business of French company, Air Liquide International SA to MGPHL.
The acquisition of Rowe’s IGA supermarkets was completed on December 12 and represents a one per cent increase in Massy Group’s assets and is expected to contribute to an increase in pre-tax profit of approximately four per cent.
guardian.co.tt 12 23 2022