Oct 2015 Financial News

GraceKennedy Limited - GraceKennedy Sale of its Shares in Hardware and Lumber

Oct 19, 2015

Kingston, Jamaica, October 16 - After an initial announcement by GraceKennedy in May of this year regarding the planned divestment of its shares in subsidiary, Hardware & Lumber (H&L) , and follow up announcement in June, that it had entered into a conditional agreement for the sale of the shares with Greystone Equity Partners Inc., (“Greystone”) or nominee, GraceKennedy has advised that the main conditions of the transaction have now been met and the transaction will therefore be proceeding to closing. The sale is anticipated to be completed by the end of the year.

Group CEO, Don Wehby, stated that “As indicated at the GraceKennedy and H&L AGMs earlier this year, GraceKennedy’s decision to sell our shares in H&L was not an easy one. It is however consistent with our present strategy of concentrating on the food business locally and internationally and financial services in the region.” He added, “I feel very positive about the continued growth of H&L under the prospective new owners who are excited about the possibilities for the future. I would like to thank the staff of H&L and the H&L Board for the contributions made to the company over the years. GraceKennedy will ensure a smooth transition to the new ownership.”

GraceKennedy’s H&L subsidiary includes the Rapid True Value and Agro Grace businesses.

There are currently 10 Rapid True Value outlets across Jamaica, along with six Agro Grace Retail Centres. The company is headquartered at 697 Spanish Town Road in Kingston.

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Contact:

Simone Clarke-Cooper
Group Chief Corporate Communication Manager
Tel: (876) 932-3174 (office)
(876) 809-1121 (cell)

Dionne Rhoden
Communication Officer
Tel: (876) 932-3178 (office)
(876) 809-0464

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday October 19, 2015