Proven Investments Limited (PROVEN) has advised that the Company has entered into an Agreement for Sale and Purchase of Shares on December 30, 2020 to acquire 50.5% of the common equity of Roberts Manufacturing Co. Limited (RMCL) from Massy Properties (Barbados) Limited (MPBL)for a consideration of US$21,452,500.00.
PROVEN further advised:
“Closing is scheduled to take place 3 business days following the receipt of all regulatory and governmental confirmations, approvals, and acknowledgments, save that the closing date may not be extended beyond 30 days.
“RMCL, located in Barbados, operates from a 21 acre industrial complex consisting of large manufacturing plants producing a variety of margarines, shortening, soyabean oils and animal feed products which are distributed to over 15 markets regionally and internationally.
“The proposed acquisition of the majority shareholding of RMCL from MPBL is aligned with [PROVEN’s] strategy to grow through acquisition in the real sector throughout the Caribbean and Latin American regions with a view to create value to its shareholders.”