Jan 2014 Financial News

NML- Notice of Acquisitionof an additional 42.708% Take in Neal & Massy Gas Prdoucts Limited

Jan 08, 2014

Notice of Acquisition
by the Neal & Massy Group (“Neal & Massy”) of an additional 42.708% Stake in Neal & Massy Gas Products Limited (“NMGPL”) to gain a 100% interest in Industrial Gases Limited (“IGL”)

Neal & Massy is pleased to advise that on December 30, 2013, the Group purchased an additional 42.708% stake in NMGPL from its former joint venture partner, Air Liquide International, S.A., to attain a 100% controlling interest in NMGPL. Prior to the acquisition Neal & Massy owned a 57.292% stake in NMGPL. NMGPL owns a 100% stake in IGL and this acquisition now renders IGL a fully owned subsidiary of the Neal & Massy Group.

This acquisition is expected to improve the Group’s earnings attributable to owners of the Parent. Based on Neal & Massy’s and IGL’s results as at September 30, 2013, the acquisition would have improved the earnings attributable to the owners of the Parent by approximately twenty-two million, six hundred and forty-five thousand dollars (TT$22.645 million) and the Group’s Earnings Per Share (EPS) by approximately twenty-three cents ($0.23).


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