Securing Your Future Is Our Main Investment

Updated: 27-03-2024 - 12:00PM   8 7 CLOSED

Financial News

Aug 2008 Financial News

AGL - Notice to Shareholders

Aug 07, 2008

Agostini’s Limited
NOTICE TO SHAREHOLDERS

Agostini’s Limited is pleased to announce that it has agreed to acquire a 91.7% shareholding in Hand Arnold (Holdings) Limited with effect from 31st July 2008.

We are presently pursuing acquisition of the remaining shares and fully expect to own 100% of the company in the very near future.

Hand Arnold, established in 1920, is a very successful private company involved in the distribution of foodstuffs, pharmaceuticals, wines and spirits, toiletries and household products. Their main brands include KLIM, Lucozade, Anchor dairy products, Kelloggs, Heinz, Five Roses flour, Pedigree pet food, 3M sponges, Pine-Sol, Pfizer, Jergens, Remy-Cointreau and Sterilite. Hand Arnold will continue to operate as a separate subsidiary within the Agostini’s Limited Group.

This acquisition is expected to increase the Group’s annual sales by 50% and profit by 40%, approximately. The purchase consideration was financed entirely with credit lines held by Agostini’s Limited. As soon as it is practicable, the company intends to review the Group’s combined capital structure, to determine the optimal debt to equity ratio of the company and take the appropriate action.

This acquisition is expected to have a positive impact on the Group’s performance in the short to medium term.

Joseph P. Esau
Chairman


Source
Trinidad Newsday, Page 18
Thursday August 7, 2008