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Sunday, May 11, 2025

ANSA McAL completes Bahamas share purchase

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668 days ago
20230713
The head office of the Bahamian Brewery & Beverage Company Ltd. T&T’s ANSA McAL group announced yesterday it had completed the acquisition of a minority interest in the Bahamas company.

The head office of the Bahamian Brewery & Beverage Company Ltd. T&T’s ANSA McAL group announced yesterday it had completed the acquisition of a minority interest in the Bahamas company.

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.


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