Acquires additional 30.4% equity in the Jamaican distribution entity

Durrant Pate/Contributor

Having acquired a 44.8% stake in Caribbean Producers Jamaica (CPJ) in July this year, Trinidad and Tobago-based distribution conglomerate AS Bryden and Sons Holdings (ASBH) plans a full takeover of the Jamaican distributor having acquired another block of shares.

ASBH, which trades on the Jamaican stock market and is owned by Jamaican conglomerate, Seprod Group, recently acquired an additional 30.4% share equity making it the majority shareholder with 75.2% share equity in CPJ. Arising from this, CPJ is now a subsidiary of ASBH.

ASBH plans to offer the remaining shareholders the option to sell, paving the way for the full takeover. Also in accordance with the Jamaica Stock Exchange’s General Principles relating to Takeovers and Mergers, the 100-year-old T&T conglomerate now owning in excess of 50% of the issued share capital of CPJ, is mandated to extend an offer to buy all remaining CPJ shareholders within 30 days. 

Acquisition by share swop

Some 95 million shares in ASBH were given to the selling CPJ shareholders as payment for the 30.4% equity bought. The closing price for ASBH shares on the local stock market is JA$30.95, valuing the 94,871,379 shares at J$2.93 billion.

ASBH Chairman, P.B. Scott notes, “We are committed to becoming the leading distributor of food and premium beverages to hotels, resorts and restaurants in Jamaica and across the Caribbean. As a member of the Brydens Group, CPJ will now have access to greater resources and a regional platform. This is an exciting time for both ASBH and CPJ. I look forward to working with the combined team to grow our business and deliver value to our customers, principals, employees and shareholders.” 

ASH Director, Nicholas A Scott explains, “ASBH’s increased ownership of CPJ is consistent with our objective of purchasing additional shares we shared following the acquisition of our strategic stake in July. We will soon extend an offer to purchase shares from all CPJ shareholders on equivalent terms subject to CPJ remaining a listed company.”

Companies profile

CPJ is a distributor of global food and beverage brands in Jamaica and St Lucia. Founded in 1994, CPJ is headquartered in Montego Bay and specializes in providing a wide range of food, beverages, and non-food products mainly to the hospitality industry. 

The company supplies items such as meats, seafood, dairy, wines, and spirits, as well as offering logistics and supply chain solutions. CPJ operates “CPJ Market” retail stores in Jamaica and St. Lucia. The company is also listed on the Jamaican stock market.

ASBH is a distributor based in Trinidad and Tobago with operations in Guyana and Barbados. Established in 1923, the company distributes food, premium beverages, consumer products, pharmaceuticals and industrial supplies in the Caribbean region.

The Bryden Group operates several subsidiaries and affiliates including AS Bryden Trinidad and Tobago, Bryden Pi, F.T. Farfan, BPI Guyana, ICON Guyana, Micon Marketing, Armstrong Healthcare and Stansfeld Scott (Barbados).