Jamaican Teas Limited (JAMT) has advised that on December 18 ,2018, JAMT’s subsidiary company, JRG Shoppers Delite Enterprise Ltd. (JRG), signed a sale and purchase agreement with an associated company, Bay City Foods Ltd. (BCF) to sell to BCF the assets and undertaking comprising JRG’s Shoppers Delite supermarket business for a gross consideration of $172m.
JAMT further advised that completion of the sale is scheduled during the March 2019 quarter. It is estimated that a non-recurrent one time capital gain from this sale of approximately $150 million will be reported and thereafter, this sale is not expected to have a material impact on the assets and profitability of the Company.
