Cargo Handlers Limited (CHL) has finalised an agreement to acquire full ownership of Bulk Liquid Carriers Petroleum Limited (BLCP), also based in Montego Bay.
CHL will take control of BLCP's operations on January 1, 2014.
The announcement is a clarification from a statement earlier this month that CHL was considering investing in the company which specialises in the transport of petroleum products.
"Bulk Liquid has more than 40 years' experience in the industry, and has developed an excellent reputation for the safe and timely transport of fuel, said CHL in a market filing on the Jamaica Stock Exchange.
A check with the company register listed two companies at the same address with names similar to Bulk Liquid Carriers Petro-leum, neither of which were 40 years old, but both of which have Chester Chung as head. Bulk Liquid Carriers Limited was registered in 1984, while Bulk Liquid Carriers Petroleum Transport Limited was registered in 2004.
Neither Mark Hart, CEO of CHL, nor Chester Chung, CEO of BLCP, could be reached for comment on the sale up to press time.
CHL is in the business of handling bulk and containerised cargo, specialising mostly in cement, steel and lumber.
Earlier this month, CHL said the investment was expected to add $150 million in revenue. The acquisition effectively doubles CHL's revenue base.