Business

JP raises $1b for Kingston Wharves acquisition

Jamaica Observer

Wednesday, April 04, 2012 | 4:42 PM    

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JAMAICA Producers Group Limited (JP) raised $1 billion through a private placement of loan notes to help pay for its 25.46 per cent stake in Kingston Wharves Limited (KW).

Earlier this week, JP completed the acquisition of the ordinary voting shares of KW, which cost the food processor $1.79 billion.

As a result of the purchase, JP nominated its CEO Jeffrey Hall, and director Kathleen Moss to KW’s board.

KW amended its articles of association to allow for representation on its board by any shareholder having 21 per cent or more of its voting shares.

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