Sep 2016 Financial News

ANSA McAL eyes two Barbados companies

Sep 01, 2016

Port-of-Spain based ANSA McAL Group of Companies says it moving to acquire two new companies in Barbados, nearly eight months after it lost in its effort to buy out the brewery company, Banks Holdings Limited (BHL).

President and Chief Executive Officer of ANSA McAL Barbados Limited, Nicholas Mouttet, Tuesday night said that while in the past 20 months the conglomerate had opened three stores it was continuing to look for opportunities to invest in Barbados.

“In fact, I can’t give the details and to the reporters here, please don’t ask...but we are currently in negotiations right now to acquire two other Barbadian companies, which in itself represent significant investment again in Barbados,” Mouttet said at the opening of the group’s latest addition—the Sissons Paint shop at Wildey, St Michael. 

Mouttet declined to give further details out of fear that the deals could be compromised.

“And while in a conglomerate environment there is always a lot of buying and selling, as you would know a few months ago we mentioned our intention to sell Trimart (Supermarket)...and the Trimart sale we expect to close in the coming weeks,” he added.

The online publication, Barbados TODAY reported yesterday that it understood that if all went according to plan, the acquisition of the two unnamed companies could be finalised by the end of October this year.

The ANSA group of companies owns a number of operations and big brands in a range of sectors in Barbados, including automotive, distribution, financial services, retail and services. 

It is also involved in technology, manufacturing, media, beverage and real estate across its other markets.

The ANSA McAL group, which is the majority shareholder of Guardian Media Ltd, comprises over 60 companies throughout the Caribbean and the US, employing over 6,000 people. It generated revenues of $6.1 billion and profit before tax above TT$ 1 billion as of December 31, 2015.

Mouttet told the retail store opening that since the investment in Standard Distributors in Barbados about 55 years ago by the ANSA McAL group, the company continued to invest heavily here.

“It is our second largest geography in terms of our investment in the region. It is extremely important to us and we continue to invest for decades,” he said.

Pointing to the company’s commitment to the island, Mouttet said while “times are hard” in Barbados and some companies had not been able to expand in recent times, the ANSA McAL group of companies had been able to open three retail stores in the last 20 months.

One, he said, was the 10,000 square foot furniture and appliance Standard retail store in Wildey, which was opened just over one year and eight moths ago.

“Four months ago we opened up another Standard store in Bridgetown in Norman Centre, and then today we are here to celebrate the opening of the first Sissons Paint shop...in Barbados and a re-entry of ANSA Coatings, which is the owner of the Sissons brand,” he explained.

“So three stores in 20 months, and we continue to look for opportunities to invest in Barbados,” Mouttet said.

Deputy Permanent Secretary in the Ministry of Industry, International Business, Commerce and Small Business Development Sonia Foster said the investment in the new shop represented the company’s confidence in the Barbados economy.

“The benefits will not only be found in the creation of jobs, but the enhanced value as well as the product offerings in the Wildey area,” Foster said.

“This and other enterprises which have recently opened their doors, provide encouragement to other such entities looking to invest in Barbados and send a message that Barbados is indeed open for business,” she said. (CMC)

 

Source:
Trinidad Guardian
Thursday September 1, 2016

http://www.guardian.co.tt/business/2016-09-01/ansa-mcal-eyes-two-barbados-companies