Seprod acquires US$13m shares in Facey Group Barbados

In a bid to grow its export earnings, the Jamaica manufacturing and distribution company Seprod Limited has acquired a minority share ownership in the Barbados-based Facey Group Limited.



The combination of ordinary and preference shares were acquired at a total cost of approximately US$13.2 million at fair market value from Citigroup Financial Products Limited.



Within the deal, Seprod said, it also purchased accrued preference dividends valued at US$939,305.29.



Seprod, whose corporate office is based in Kingston, manufactures and distributes edible oils and fats, corn products and other household consumer products.



Facey Group Limited is a diversified distribution conglomerate with subsidiaries in more than 30 countries throughout the Caribbean, Central America, Europe and the Pacific.



It is a distributor of Seprod products primarily in Jamaica and hence the acquisition is of strategic importance, the company said.



For the nine months ending September 30, 2011, Seprod collected J$8.8 billion in total revenue, but it was not immediately known what percentage was attributed to products exported by the company.



Seprod is listed on the Jamaica Stock Exchange.



sabrina.gordon@gleanerjm.com