Sep 2016 Financial News

T&T Conglomerate Going After More Bajan Businesses

Sep 02, 2016

BRIDGETOWN, Barbados, Friday September 2, 2016 –Approximately eight months after losing the bid to acquire Banks Holdings Limited (BHL), Trinidadian conglomerate ANSA McAL is about to acquire two other companies in Barbados.

President And Chief Executive Officer of ANSA McAL Barbados Limited Nicholas Mouttet made the announcement, saying: “We are currently in negotiations right now to acquire two other Barbadian companies, which in itself represent significant investment again in Barbados.”

While he declined to give details, the Barbados TODAY online newspaper is reporting that if all goes according to plan, the acquisitions could be finalized by the end of next month.

The ANSA McAL Group of Companies owns several 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 group is made up of more than 60 companies across the region, employing over 950 people.

Mouttet said since its investment in Standard Distributors in Barbados about 55 years ago, the company has 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 noted.

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, ANSA McAL had been able to open three retail stores in the last 20 months.

He reaffirmed the commitment of the ANSA McAL Group of Company to the local market, stating that the company would continue to seek out new investments and grow is footprint in Barbados. (Barbados TODAY)

Source:
Caribbean360
Friday September 2, 2016

http://www.caribbean360.com/business/tt-conglomerate-going-bajan-businesses