Goddard meeting to update shareholders
Goddard Enterprises Limited (GEL) is holding an “information meeting” on June 30 to update shareholders on its new partnership with Trinidad entity Agostini’s Limited (AL).
In a notice to shareholders, GEL chairman Charles Herbert said they were “confident that this joint venture will redound to the continued success of GEL”.
In their agreement, the two groups of companies have decided to form a jointly-owned company, Caribbean Distributors Partners Limited (CDPL).
GEL and AL will transfer into CDPL their respective companies in the fast moving consumer goods sector in Barbados, Grenada, St Lucia, St Vincent, Guyana, and Trinidad on July 1.
The company will by owned 50:50 and based on an independent valuation conducted by KPMG, AL will be required to pay GEL US$11.6 million, subject to a purchase price adjustment for the period between valuation and transfer.
“CDPL will operate in six regional markets with 2015 revenues projected at approximately US$230 million.
“Both GEL and AL have a long and successful history in the distribution sector.
“We therefore see this joint venture as an opportunity not only to further improve our service and expand the products available to our customers, but also to extend the distribution reach and marketing capabilities of our principals and proprietary brands,” Herbert told shareholders.