GraceKennedy Divests H&L Shares

GraceKennedy Limited has announced that it has divested its more than 58 per cent shares in Hardware and Lumber, H and L.

The local supplier of hardware products, Rapid True Value and the Agro Grace business comprise H and L.

The transaction was completed yesterday.

The St. Lucian-based company Argyle has acquired the assets from Grace Kennedy for a price of 18-dollars-and-50 cents per share.

Argyle is a group of sophisticated investors led by Abbeco Invest S A out of the Bahamas, Sterling Asset Management Limited and Greystone Equity Partners Inc.

CEO of Grace Kennedy, Don Wehby says he decided to sell the shares in H and L as he is now focusing on the the company’s food and financial services globally.

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Jevon is a Reporter/Producer/Presenter with NNN. He holds a BA in Mass Communication (Journalism: emphasis) from Northern Caribbean University (NCU).