Seprod Limited has advised that on February 1, 2012, it acquired a combination of Ordinary and Preference Shares representing a minority interest in Facey Group Limited from Citigroup Financial Products Limited. A fair market value of US$7,000,000.00 was paid for the common shares and US$6,139,251.47 was paid for the Preference Shares. Accrued preference dividends amounting to US$939,305.29 was also purchased. Facey Group Limited is a diversified distribution conglomerate incorporated in Barbados with subsidiaries in over 30 countries throughout the Caribbean, Central America, Europe and the Pacific. Seprod indicated that Facey Group is a distributor of Seprod products, primarily in Jamaica and that this investment is of strategic importance as the company seeks to increase its export earnings.
