Jamaica Teas Bids for KIW

Jamaica Teas has made a bid to acquire the Jamaican government’s 42.9-percent stake in KIW International factory and warehouse space located along Spanish Town Road.

According to Jamaica Teas, if successful in its bid, the plan is to upgrade the complex into a modern warehouse, in two or three phases, for rental purposes.

This despite recent announcements by the company’s CEO, John Mahfood of plans for the company to exit the real estate market.

The reports of the bid however, follow last week’s announcement by the company that stakeholders will be asked to vote on resolutions calling for a two-for-one stock split and a renounceable rights issue during the annual general meeting in March.

The property was offered for sale Last November by the Development Bank of Jamaica.