May 2007 Financial News

Two firms merge to form Caribbean giant

May 15, 2007

Neal and Massy Holdings Ltd yesterday announced plans to merge with long-standing associate, the Barbados Shipping and Trading Company (BS&T), to form one of the largest Caribbean corporations.

The new entity, to be initially named Neal and Massy BS&T Group Ltd, will have more than US$1 billion in annual revenues, more than US$1 billion in assets and will employ more than 9,000 people across the region, said Bernard Dulal-Whiteway, chief executive of Neal and Massy Holdings.

Dulal-Whiteway made the announcement to members of the media yesterday afternoon at Neal and Massy Holdings offices in Port of Spain after he briefed members of the company's executive on the development.

"This is a merger of two companies that is handled through an amalgamation process. Both Neal and Massy and BS&T have enjoyed a very good relation over the last ten years so much so that both of us invested in each other," Dulal-Whiteway said.

"We see it as a very good marriage after many years of courtship because the two companies, whilst they are in similar industries, we don't really overlap in any one territory to the extent that there is going to be any fallout or loss of jobs," he added.

Dulal-Whiteway said that the new entity will be registered and headquartered in Trinidad and Tobago and will continue to trade shares on both the Trinidad and Tobago and the Barbados Stock Exchanges following regulatory approval of the Securities and Exchange Commissions in both countries.

Shareholders of BS&T will exchange their stock for Neal and Massy shares and this will be done by an exchange ratio process, Dulal-Whiteway said, adding that the exchange ratio will be announced by next week.

The management of the new entity will consist executives of the both companies also done on an exchange ratio basis and Dulal-Whiteway will be the CEO of the new company.

The new entity will now run very diverse operations from retail to finance to energy (among others) in a range of Caribbean territories and in the United States.


Source:
Driselle Ramjohn
The Trinidad Express
Tuesday, May 15th 2007

http://www.trinidadexpress.com/index.pl/print?id=161146257