Local conglomerate ANSA McAL announced yesterday that it completed the acquisition of a minority interest in the issued and alloted ordinary share capital of the Bahamian Brewery & Beverage Company Ltd.
In a notice on the website of the Trinidad and Tobago Stock Exchange, ANSA McAL said the shareholders of the Bahamas company entered into a shareholders’ agreement with the T&T group consenting to the acquisition.
The two parties signed a share purchase agreement, which was executed on November 14, 2022.
The Bahamian company distributes, retails and brews beer and produces non-alcoholic beverages.
ANSA McAL received final approval from the Central Bank of the Bahamas to proceed with the acquisition of the equity interest in the brewery and beverage company on April 21, 2023.
Prior to the completion of the transaction, the BBBCL was a 100 per cent Bahamian-owned and operated company that first started operations in 2007 with its first brew; Sands beer.
The beer was named after Jimmy Sands the owner/CEO of the company.
According to the company’s website, the brewery has gone through four major expansions since 2007.
The brewery produces nine different brands: Sands, Sands Light, Sands Pink Grapefruit Radler, Sands Passion/Guava Radler, High Rock Lager, Strong Back Stout, Sixty Six Steps Ale, Bush Crack Malt Beer, and Triple B Malt non-alcoholic.
ANSA McAL, which is listed on the T&T Stock Exchange, is the parent company of Carib Brewery.
The purchase of the minority interest in the Bahamas company is ANSA McAL’s second completed acquisition in 2023.
The group acquired 100 per cent of the total issued and outstanding shares in Colonial Fire & General Insurance Limited (Colfire) through its subsidiary Trinidad and Tobago Insurance Ltd (TATIL).
The group said it took operating control of Colfire on February 7, 2023, and has provisionally accounted for the acquisition.
In notes to its first quarter financial results, for the period ending March 31, 2023, the group disclosed that it would finalise the accounting during the measurement period as permitted by the International Financial Reporting Standards. Colfire has not yet adopted IFRS17, insurance Contracts. The Group will determine the Colfire IFRS 17 impact upon consolidation as soon as is practicable. It anticipates that it will be fully compliant for the annual reporting period ending 31 December 2023.
For the three months ending March 31, 2023, ANSA McAL reported after-tax profit of $117.4 million, an increase of 191 per cent compared with the $40.3 million it declared for the first quarter of 2022.
