JBG wishes to advise that at a meeting of JBG’s Board of Directors held on Wednesday, October 26, 2022, the Board accepted the management’s recommendation to permanently cease all operations of JBG’s subsidiary Haiti Broilers S.A. (“HBSA”) and its subsidiary T&S Rice S.A. (“T&S”), effective October 29, 2022. This decision will result in an impairment of JBG’s investment in HBSA of approximately $900 million which represents the net assets which are held by JBG.
JBG has operated in Haiti since 2010 and is saddened by this outcome. It has however become unsustainable to continue the operations due to the country’s social and political instability; but JBG must make the most prudent business decision in the interest of JBG’s shareholders.
