December 21, 2018
Jamaican Teas Limited (JAMT) has advised that on December 18, 2018, Jamaican Teas Ltd.’s subsidiary company, JRG Shoppers Delite Enterprise Ltd (JRG), signed a sale and purchase agreement with an associated company, Bay City Foods Ltd (BCF) to sell to BCF the assets and undertaking comprising JRG’s Shoppers Delite supermarket business for a gross consideration of $172m .
JAMT further advised that completion of the sale is scheduled during the March 2019 quarter. It is estimated that a non-recurrent one time capital gain from this sale of approximately $150 million will be reported. Thereafter this sale is not expected to have a material impact on the assets and profitability of the group.
