Published: Friday August 8, 2008
Agostini’s Ltd is on the way to completing a takeover of distribution company Hand Arnold (Holdings) Ltd.
Agostini’s, a company listed on the T&T Stock Exchange, announced yesterday that effective July 31, 2008 it acquired 91.7 per cent of Hand Arnold, which distributes foods, pharmaceuticals, wines, spirits, toiletries and household products.
In a notice in yesterday’s newspapers, Agostini’s said Hand Arnold will continue to operate as a “separate subsidiary” within the Agostini’s Group.
Agostini’s chairman, Joseph Esau, said that the company is pursuing the acquisition of the remaining shares and expects to fully own Hand Arnold in the near future.
The acquisition is expected to be good for Agostini’s.
“This acquisition is expected to increase the group’s annual sales by 50 per cent and profit by 40 per cent, approximately.
“The purchase consideration was financed entirely with credit lines held by Agostini’s Ltd. As soon as it is practicable, the company intends to review the group’s combined capital structure to determine the optimal debt to equity ratio of the company and to take the appropriate action,” Esau said.
Source: Trinidad Guardian Newspapers
http://www.guardian.co.tt/business2.html
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