Agostini’s acquires Facey in Barbados

Agostini’s Limited, a Trinidad and Tobago listed company said on Friday that it acquired all the shares in Facey Trading a fast moving consumer goods Barbadian company.
Facey Trading is a distribution business operating in Barbados and was owned by Facey Group with headquarters in Jamaica. Paul Scott of Facey Group, confirm the sale to Agostini’s. They approached us with an offer and we decided to sell, we sold the business but kept the property which is leased to the new owners of the business Scott, confirmed in an interview with IC Insider. It would appear that the size and state of the Barbadian economy played a role in the decision to sell. Facey Group continues to operate in Barbados in the IT and telecom phone card sector Scott said.
Agostini’s reported profit of TT$27 million for the first quarter to December 2014 from revenues of TT$408 million compared with profit of $27 million from revenues of $378 million in the 2013 period. For the year to September 2014 revenues came in at $1.36 billion resulting on full year’s profit of $80.5 million. Earnings per share for the quart was 46 cents and $1.36 for the full year. The stock last traded at $17.60. Agostini’s is involved in pharmaceutical, personal care, food and construction product distribution.