Durrant Pate/Contributor 

The closing date for the sale of logistics and courier service provider, My Cart Quick Limited, to its competitor, Mailpac Group Limited (MGL), has been extended to October 1 this year.

This new deadline follows at least two missed deadlines set last year. The announcement of the acquisition was made in 2024.

This latest deadline extension has been made by mutual agreement of both parties.

Consideration for the acquired assets will be $1.21 billion, payable in newly issued MGL shares. As the consideration is entirely non-cash, the transaction will not impact MGL’s cash position, with the KharyRobinson-led company anticipating the final determination of the purchase price allocation will be published on or before March 31, 2026, in the financial statements for the year ended December 31, 2025.

Status of planned EGM
The transaction has not yet closed, and, accordingly, no Extraordinary General Meeting (EGM) has been convened at this time. Following the publication of the year-end 2025 audited financial statements, MGL will take the necessary steps to call an EGM at the appropriate time to consider matters related to the transaction, including the proposed rebranding of the company.

As closing has not yet occurred, no shares have been issued to the owner/operators of MyCart. The acquisition will be settled entirely through the issuance of shares. No cash consideration or loan financing will be utilised in connection with the transaction.

The performance of MyCart, which now operates as a division of MGL, has been included in the Group’s consolidated financial statements effective April 1, 2024, the date of acquisition. The company has formally engaged Ernst & Young (EY) to undertake the purchase price allocation (PPA) exercise in relation to the acquisition.

My Cart Quick Limited was founded in October 2019 by Kamar Palmer and Aldane Smith. It runs a 13- store operation across Jamaica. MGL was founded on September 19, 2019, in Jamaica and is in the business of national and international courier and mail order services. 

In addition, the company also offers online purchases of a variety of foods, beverages, and other household items and is listed on the Jamaica Stock Exchange.