Proven Investments Limited (PROVEN) will acquire 50.5 per cent of common equity in Roberts Manufacturing Co Limited (RMCL) from Massy Properties (Barbados) Limited (MPBL) for a consideration of US$21,452,500.00.
The company announced the acquisition yesterday (January 5, 2021) after it entered into an agreement for the purchase of the shares on December 30, 2020.
PROVEN expects the transaction will take three business days to close following the receipt of all regulatory and governmental confirmations, approvals, and acknowledgments, given that the closing date does not extend beyond 30 days.
RMCL operates from a 21-acre industrial complex, in Barbados, consisting of large manufacturing plants that produce a variety of margarines, shortening, soya bean oils, and animal feed products, which it distributes to over 15 markets regionally and internationally.
“The proposed acquisition of the majority shareholding of RMCL from MPBL is aligned with Proven’s strategy to grow through acquisition in the real sector throughout the Caribbean and Latin American regions with a view to create value to its shareholders,” PROVEN stated in a notice on the Jamaica Stock Exchange website.
As a result of this acquisition, PROVEN will further diversify its holdings. As of September 30, 2020, the company’s real estate portfolio included five rental income properties and six development sales projects — all at various stages of the development cycle.
Recently the investment company invited the purchase of 134,124,037 ordinary shares through an additional public offering as it raises capital. Following the closure of the APO, PROVEN expects to raise J$4.3 billion or US$30,282,871.