Jan 2012 Financial News

ANSA McAL Limited to acquire Standard Distributors Limited

Jan 20, 2012

We wish to advise that an offer made by ANSA McAL Limited (“ANSA McAL”) by letter dated December 16, 2011 to Norman Finance-Developments Limited and Anthony N. Sabga Limited to purchase 100% of the issued ordinary and preference shares in the following companies: Standard Distributors Limited, Standard Distributors (Barbados) Limited and Bell Furniture Limited (collectively referred to as “Standard’s”) subject to certain conditions precedent for the sum of TT$120 million, was accepted on January 16, 2012. The parties will now proceed to finalise a definitive Share Purchase Agreement by February 1, 2012.

As this transaction involves related parties in that ANSA McAL and Standard’s have common shareholders, we have made full disclosure with respect to the transaction to the Trinidad and Tobago Stock Exchange and the Trinidad and Tobago Securities and Exchange Commission and to the public.

Standard’s is a leading retailer of furniture and appliances in Trinidad & Tobago and Barbados with thirteen retail stores and over 300 employees. Standard’s Trinidad (established in 1945) and Standard’s Barbados (established in 1955) are both principally engaged in the business of retailing household furniture, appliances and equipment. Bell Furniture is in the business of manufacturing and distributing furniture.

The depth of history, customer relationships and its market position were compelling factors in the acquisition of Standard’s.

With the addition of a retail furniture and appliance operation, ANSA McAL will now be able to offer a one stop shop for both commercial and residential customers with product offerings which will include paint, blocks, windows, air condition units, office furniture, home appliances as well as computer and electronic devices. The attention to customer needs and the delivery of the highest quality of products and services will remain the foundation of the Standard’s business model.


Source:
The Trinidad and Tobago Stock Exchange Limited
Friday January 20, 2012