Jamaican Teas Limited (JAMT) – Acquisition of Bay City Foods Ltd

Jamaican Teas Limited (JAMT) has advised that on October 1, 2019, JAMT acquired 50% of the outstanding share capital of Bay City Foods Ltd, bringing its total shareholding in this Company to 100%.

JAMT further advised that the purchase consideration was nominal and that the financial effects of this acquisition are expected to result in a material increase in the Group’s consolidated revenues.  The impact on the groups consolidated profits before tax is not expected to be material, states JAMT.