Buyer Found For Jamaica Beverages
Jamaica Beverages Limited, JBL, the insolvent manufacturer of juice and milk products that was put up for sale last November, has found a buyer.
Wilfred Baghaloo, a director of PricewaterhouseCoopers Jamaica who was appointed as JBL trustee three years ago, told the Financial Gleaner that they are advanced in finalising the sale, but could not say more due to confidential agreements.
The trustees received seven bids for the business last year, but the selection process was slowed due largely to the outbreak of COVID-19 in March.
Jamaica Beverages’ business and assets were put up for sale in November 2019 to settle a court-awarded judgment amounting to US$4.5 million, following the attempted robbery of an employee who was shot on a property owned by the company in Montego Bay, St James, and paralysed in four limbs. The trustees were looking to fetch at least US$4.5 million from the sale of the business, equivalent to the court award.