Jamaica Citrus Growers sale finalised
The sale of factory and lands belonging to Jamaica Citrus Growers Limited (JCGL) have been finalised.
The citrus business was bought by Trinidad company S.M. Jaleel and Company Limited, which used its local subsidiary, Jamaica Beverages Limited, to make the acquisition.
Wilfred Baghaloo, a director of PricewaterhouseCoopers Jamaica and agent of the JCGL receiver, confirmed last Thursday that the sale was finalised, and said that more details would be forthcoming from the new owner.
The parties also appear to have overcome the main sticking point in the deal - the Juciful brand, which is owned by Jamaica Citrus Growers Association (JCGA).
JCGA's Dr Percy Miller said last Friday that details of the agreement would not be forthcoming before Thursday, allowing time for the protocols to be observed.
JCGL was taken over by the Development Bank of Jamaica for outstanding debt. The bank hired John Lee of PricewaterhouseCoopers as receiver.
Jamaica Beverages took possession of the JCGL assets as far back as May 2012, but the transaction was delayed over the process of transferring titles and negotiations over the Juciful brand. JCGL had rights to manufacture under the Juciful name under licence from JCGA.