Lok Jack looks to growth strategy
The chairman of Neal & Massy Holdings Ltd, Arthur Lok Jack, has indicated that the group is approaching the end of its restructuring exercise arising from the 2008 acquisition of Barbados Shipping & Trading Ltd (BS&T) and the fallout from the global economic recession.
In comments accompanying consolidated financial statements for the year ended September 30, 2012, he said: “The group has emerged from the economic and financial crises of 2009 with a strategy for future growth and with a strong balance sheet and a resilient group of core companies to fuel that growth.
“While the sale of the remaining Almond hotels has not happened as quickly as we would have hoped, we are happy to report that Almond Beach Club was sold to Elite Island Resorts in July 2012 and meaningful progress is being made on the sales of the remaining Casuarina and Beach Village properties,” Lok Jack said.
The chairman said the group’s strategies include improving market share in existing businesses, expanding its retail presence in Trinidad, Barbados and Guyana; capturing synergies and efficiencies in its operations across geographies, and expanding into new sectors such as petrochemical and downstream manufacturing.
“Given that Neal & Massy already has fairly dominant positions in its core businesses in the Caribbean markets, and given the slow growth in these territories, the group is also exploring opportunities to expand in select countries in Latin and Central America.
“With these strategies and the strength of its diversified core group of companies, Neal & Massy remains well placed to continue its growth despite the likely continuing weak performance of regional economies in 2013,” Lok Jack said. (NB)