Lascelles' remaining assets worth J$800m - To be sold off in four months - Business - Jamaica Gleaner - Wednesday | November 14, 2012

Lascelles' remaining assets worth J$800m - To be sold off in four months - Business - Jamaica Gleaner - Wednesday | November 14, 2012:

The board and shareholders of Lascelles deMercado officially approved the setting-up of a new company aimed at offloading J$800 million worth of Lascelles assets within four months.

Shareholders will receive the sale proceeds in a dividend payment.

The new entity, known as New Transport Group (2012) Limited (NTG), precedes the pending sale of Lascelles' core spirits business to Milan, Italy-based Campari Group.

The 900 shareholders in Lascelles will each receive NTG shares apportioned to their existing Lascelles shareholding, Fraser Thornton, managing director of Lascelles, told Wednesday Business.

"So if you held two per cent in Lascelles you would own two per cent in the new entity," he said on the margins of an extraordinary general meeting on Tuesday.

New Transport Group will contain Globe Limited, a small investment company, which is separate from the previously sold Globe Insurance holdings; John Crook and subsidiaries; Turks Islands Importers Limited and TIMCO; AJAS Limited; Transportation Agencies; and Kingston Industrial Garage, Sterling Motors and Henriques Brothers.

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