Susan Gordon, Business Reporter

Musson Jamaica Limited, in several trades reported by the Jamaica Stock Exchange (JSE), has snapped up more than 14.62 million additional shares in Seprod, boosting its hold on the manufacturing entity by another 2.8 per cent.

Musson deputy chairman Paul Scott said the purchases did not constitute a material amount and represented a negligible increase in ownership.

Musson now owns 42 per cent of Seprod, a publicly listed company which, since last year, has been trying to unbundle its ownership structure from the privately owned and family run company chaired by Desmond Blades.

Seprod last year sold its stake in Gatcombe to partner Musson Jamaica for an unconfirmed US$20 million, and later also divested its interest in St Lucian-based associated companies Productive Business Solutions Limited and CBM Limited.

No strategy

Scott, grandson to Blades, said Musson's increased ownership in Seprod should not be read as anything significant.

"There's nothing to it," he said, confirming the 42 per cent ownership. "There's no strategy behind it. We were offered some shares and we decided to buy them."

Similarly, group managing director and chief executive officer of Seprod, Byron Thompson, said Seprod's shares were always available for purchase. The acquisition, he added, was likely a reflection of Musson's "confidence" in Seprod.

The JSE informed the market on March 13 that Musson had purchased 14,621,300 of Seprod Limited shares during the period January 29 to March 11.

Seprod has 516,398,000 shares in issue. The company at its 2006 balance sheet date reported net assets of $1.8 billion and profits of $461 million.

susan.gordon@gleanerjm.com