THE WALLENFORD Coffee Company (WCC) has been divested to AIC International Investments Limited (AIIL) in a deal worth US$39.5 million.
In a media release yesterday, Milverton Reynolds, managing director of the Development Bank of Jamaica (DBJ), said the Government executed a Memorandum of Understanding (MOU) with AIIL on August 29, 2013.
The deal will see the payment of some US$16 million (J$1.6 billion) to the Jamaican Government with the purchaser to inject an additional US$23.5 million (J$2.35 billion) in the development and expansion of WCC over the next four years.
AIIL assumed control of the WCC operations on Wednesday.
The closing of the transaction is expected to take place within the next six months.
AIIL is a wholly owned subsidiary of Portland Holdings Inc., a privately held investment company, founded and owned by Michael Lee-Chin.