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Bogdanovich raises corporate profile with H&L directorship

Published:Wednesday | January 6, 2016 | 1:00 AM
File Attorney-at-law Christopher Bovell with Joseph Bogdanovich, chief executive officer of Downsound Records.

Hardware & Lumber (H&L) has appointed Joseph Bogdanovich to its board along with four others in a move that will signal the further rise of the music mogul in corporate Jamaica.

This will take his appointment to two currently listed companies on the Jamaica Stock Exchange (JSE), following his earlier appointment to the board of the junior market-listed KLE Group.

Bogdanovich was not reached for comment, and a large H&L investor with whom Wednesday Business spoke declined to comment.

It is unclear what role Bogdanovich will play in leveraging his United States contacts and wealth in the hardware chain.

Bogdanovich operates Downsound Records, a popular studio that produces Ishawna, Nature, Ninja man and other deejays. He is also reportedly in the lineage of a globally known brand based in the United States.

H&L on Monday announced the appointment of five new directors, including Bogdanovich, arguably one of the most known persons outside of financial circles. Other directors appointed included Christopher Bovell, Anthony Bell, Patrick Williams and Marcus Richards. Concurrently, five directors, including GraceKennedy chief executive officer Don Wehby, tendered their resignations. The others are Andrea Coy, Grace Burnett, Audrey Hinchcliffe and Gordon Sharp.

ST LUCIA COMPANY

In a notice to the JSE recently, H&L advised that GraceKennedy has completed the sale of its 58.15 per cent interest in the hardware firm to Argyle Industries Inc. Grace sold its interest at $18.50 per share.

Argyle is a St Lucia-registered company incorporated for the purpose of acquiring and holding the investor's equity interests in H&L. The investors in Argyle include Abbeco Invest, a Bahamian investment company; Sterling Asset Management Limited, along with its affiliates and associates; and Greystone Equity Partners Inc, along with its affiliates and associates.

H&L currently comprises two separate divisions - Rapid True Value, a local supplier of hardware and home improvement products; and the AgroGrace business, a local wholesaler and retailer of agricultural products. There are currently 10 Rapid True Value outlets across Jamaica, along with six Agro Grace retail centres.

steven.jackson@gleanerjm.com