GRACE, KENNEDY & Co. yesterday sold its shareholding in Kingston Wharves Ltd. (KWL) to NCB Jamaica Ltd. The transaction was completed across the Jamaica Stock Exchange.
Some 470 million shares were sold at $1.30 each for a transaction totalling approximately J$610 million. This block of shares is just under 44 per cent of the issued share capital of KWL. Grace, Kennedy Chairman & CEO Douglas Orane commented "We have stated from early last year that our shareholding in Kingston Wharves was available for sale. We are pleased that the sale has now been completed and happy that the new shareholder is a strong, well-capitalised and well-managed Jamaican company.
SUSTAINABILITY
This augurs well for KWL continuing its course of ongoing sustainability, while playing an important role in the infrastructural development of the maritime industry for the benefit of all its stakeholders."
Mr. Orane further commented, "Grace, Kennedy's strategies which are articulated in its 2020 Vision enjoins the company, among other things, to focus on getting closer to the consumer. Within this broad framework, there are many opportunities presenting themselves in other companies within the group in which we will be investing in the future. This strategic approach has helped Grace, Kennedy considerably in its growth and expansion during the past few years and we are confident that this trend will continue."
