The sale of land and factory assets of Jamaica Citrus Growers Limited (JCGL) will be completed on September 28, says Wilfred Baghaloo, the agent to receiver John Lee of director of PricewaterhouseCoopers (PwC) Jamaica.
The parties had agreed on a 45-day extension to complete the transfer of title and other documentation in order to close the deal. Originally, the close of sale was slated for August 3.
Baghaloo, who is also a director of PwC Jamaica, said the new owner, Jamaica Beverages Limited, has initiated upgrades at the factory which are "far advanced and have increased production".
Jamaica Beverages is a subsidiary of Trinidad-based SM Jaleel and Company Limited.
The factory has the capacity to process 60,000 field boxes of fruit per week, according to its website.
Baghaloo said that Jamaica Beverage's investment in the juice producer would be disclosed when the deal is signed and sealed.
Jamaica Beverages took possession of the assets of Jamaica Citrus Growers Limited on May 4. The sale includes JCGL's factory in Bog Walk, St Catherine, and the seven acres of land on which it sits. Adjacent to the factory are two additional parcels of land comprising approximately eight and a half acres, on which a concentrate-processing plant, a chilled-juice plant, two chill rooms and three cold rooms are located. A natural spring also serves the property.
JCGL is engaged in the processing, packaging and marketing of citrus products, and the production of chilled beverages sold under the Juciful label.
Juciful is owned by Jamaica Citrus Growers' Association (JCGA), a cooperative of farmers and processors, and a major shareholder in JCGL up to JCGL's takeover by the Development Bank of Jamaica for outstanding debt.
JCGL had rights to the label under a licensing agreement with JCGA.