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GraceKennedy Ltd. (GK)- sells shareholding in Kingston Wharves

Grace, Kennedy & Co. Ltd. on Wednesday, January 21, 2004 sold its shareholding in Kingston Wharves Ltd. (KWL) to NCB Jamaica Ltd. The transaction was completed across the Jamaica Stock Exchange. Some 470 million shares were sold at $1.30 each for a transaction totalling approximately J$610 million. This block of shares is just under 44% of the issued share capital of KWL. Grace, Kennedy Chairman & CEO Douglas Orane commented, “We have stated from early last year that our shareholding in Kingston Wharves was available for sale.We are pleased that the sale has now been completed and happy that the new shareholder is a strong, well-capitalised and well-managed Jamaican Company. This augurs well for KWL continuing its course of ongoing sustainability, while playing an important role in the infrasructural development of the maritime industry for the benefit of all its stakeholders”.