Jan 2014 Financial News

NML - Notice of Acquisition of an additional 63.3% Stake in Gablewoods Supermart Limited

Jan 08, 2014

Notice of Acquisition
by the Neal & Massy Group (“Neal & Massy”) of an additional 63.3% stake in Gablewoods Supermart Limited (“Gablewoods”)

Prior to the acquisition, Neal & Massy owned 36.7% of Gablewoods, a Company registered in St. Lucia. Gablewoods holds a 60% interest in Consolidated Foods Ltd. whose principal activity is the operation of supermarket chains in both St. Lucia and St. Vincent. On December 31, 2013, Neal & Massy entered into a sale agreement with the shareholders of Gablewoods to acquire 100% controlling interest, through the acquisition of 63.3% of Gablewoods’ share capital.

The purpose of the acquisition was to increase Neal & Massy’s ownership in Gablewoods to a controlling interest. This initiative permits Neal & Massy to expand its presence in food retail by acquiring the leading supermarket chain in St. Lucia.


Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday January 8, 2014