May 2012 Financial News

Lascelles negotiating with preferred partner for sale of Globe Insurance

May 30, 2012

SPIRITS conglomerate Lascelles deMercado is negotiating the sale of subsidiary company Globe Insurance.

Lascelles said it is now in talks with one preferred party after several companies expressed interest to by its general insurance arm.

“Several companies expressed an interest in negotiating for the purchase of Globe. The Board of Lascelles, deMercado & Co Ltd. instructed its advisors to identify and of those interested parties as a preferred party and allow them the opportunity to undertake full due diligence. One such party has been identified and the due diligence process is now underway,”said Lasecelles in a release to the Jamaica Stock Exchange today.

“As yet, there has been no final decision to sell Globe and neither is there in place any binding commitment on either side to proceed with any transaction at any price,” the firm added.

Lascelles’s general insurance segment posted an operatin profit of $461.2 million for the six months ending March 31, 2012, 68 per cent more than the corresponding period last year.


Source:
Jamaica Observer
Wednesday May 30, 2012

http://www.jamaicaobserver.com/business/Lascelles-negotiating-with-preferred-partner-for-sale-of-Globe-Insurance#ixzz1wqvOPmGW