Sep 2014 Financial News

GraceKennedy Group Acquires an Additional 50% of Shares in EC Global Insurance Company Limited, St. Lucia

Sep 15, 2014

The GraceKennedy Group has announced the acquisition of an additional 50% of the shares in St. Lucian company, EC Global Insurance Company Limited (“EC Global”), bringing its shareholdings to 80%. The group first acquired its 30% shareholding in EC Global in 2004.

According to GraceKennedy Financial Group Limited (“GKFG”) CEO, Courtney Campbell, “In pursuing our vision of becoming a Global Consumer Group in Foods internationally and in Financial Services regionally, we have been keeping a keen eye out for companies which can help us to achieve this goal. Our history with EC Global has been good, and by now becoming the majority shareholder, we are excited about the prospects that taking our investment in this business to the next level will bring. We anticipate significant collaboration between EC Global and our other existing Insurance businesses and look forward to reaping the rewards of this investment.”

EC Global is a licensed general insurance company in St. Lucia, previously owned jointly by GKFG and Eastern Caribbean Financial Holdings Limited (“ECFH”). The additional 50% shareholding acquired from ECFH brings GKFG’s holdings to 80%. ECFH will retain the remaining 20% and remain a partner in the business.

Group CEO, Don Wehby, stated, “We have been very strategic in how we go about achieving our vision, and we are happy with the strides we are making and the pace at which we are going. We have enjoyed a mutually beneficial collaboration with ECFH over the years, and we know that this will continue as we move forward in this new capacity.”

He added, “We are also excited about potential opportunities in Jamaica and plan to make significant investments in the financial services and food industries locally. One of the areas I have asked my team to look at through our newly established entity, GK Capital Management Limited, is our participation in the venture capital industry recently announced.”

This is the second acquisition for the company since the start of the year. In July, GraceKennedy entered into an agreement to purchase the operating assets and business of La Fe Foods Inc., including its brand. The integration of La Fe, the top Hispanic Brand in the frozen food category in Northeast USA, has been going well.

Contact: Simone Clarke-Cooper
Group Chief Corporate Communication Manager
932-3174 (straight line)
809-1121 (cell)
simone.clarke-cooper@gkco.com

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday September 15, 2014