Cargo Handlers Limited (CHL) has announced the purchase of a 30 per cent stake in local cement distributor Buying House Cement Limited (BHC).
An advisory that was issued on December 15, 2020, the company stated that, coming out of a CHL’s Board of Directors at a meeting held on December 9, 2020, the decision was made to invest in BHC.
The cement seller is headquartered in the city of Montego Bay, and where it has operated for 15 years selling what Cargo Handlers describes as high quality Portland cement under the Anchor brand since 2006.
“We are very proud to have the opportunity to support our national effort and the future of a vibrant Jamaican economy.”– Cargo Handlers board
Management stated in the advisory, “Cargo Handlers Limited recognizes the significant environmental, road safety and other benefits associated with having cement distribution based on the western side of the island.
“BHC provides steady employment for warehouse, delivery partners and BITU represented port workers.
“On behalf of our shareholders, employees, customers and our stakeholders. we pledge to offer exceptional products and service while playing a major role in Jamaica’s growth agenda.”
They further stated, ““As Jamaica emerges from the global pandemic, the Company sees that it will be vital to have a consistent supply of competitively priced cement for the construction of affordable housing, schools, hospital, hotels, and road infrastructure in support of the Government’s aggressive growth agenda.
“We are very proud to have the opportunity to support our national effort and the future of a vibrant Jamaican economy”.
Cargo Handlers has been in the business of stevedoring at the Port of Montego Bay for some 40 years.
The company also acquired logistics company Bulk Liquid Carriers Petroleum Transport, BLCPT In 2013.
In 2019 it announced the a plan to invest US$900,000 ($122.4 million) in modernising the fleet of tankers trucks, petroleum tanks, for this subsidiary.