A.S. Bryden shareholders to vote on three-year term for Tom Tyler

 



A.S. Bryden and Sons Holdings Limited will host a special meeting on January 16, 2025, to allow shareholders to vote on the issue of Tom Tyler becoming Director of the Company with effect from that date for a three-year term (until the close of the third annual meeting of the shareholders following his appointment, unless his tenure is sooner determined).

Thomas (Tom) Tyler co-founded Caribbean Producers Jamaica Limited with Mark Hart in 1994. He is currently the Executive Co-Chairman of the company.

Founded in 1994, CPJ is headquartered in Montego Bay and supplies items such as meats, seafood, dairy, wines, and spirits, as well as offering logistics and supply chain solutions. The company is a food and beverage distributor for major global brands with a focus on serving hotels and resorts in Jamaica and St. Lucia.

In early December 2024 A.S. Bryden and Sons holdings Limited indicated that it had acquired an additional 30.4 per cent share in CPJ , months after securing a 44.8 per cent stake. Bryden announced plans to offer the remaining shareholders the option to sell, for a full takeover. Now shareholders are being invited to discuss and decide on Tyler’s leadership of the wider organisation.

Prior to establishing CPJ, Tyler worked at Caribbean Producers; a US-based family company supplying the Caribbean hospitality sector. Mr. Tyler is a Director of CPJ Investments and Chairman of CPJ St. Lucia Limited, subsidiary companies of CPJ, and also serves as President of Hospitality Services Unlimited, a company registered in the U.S. that engages in business with CPJ. Mr. Tyler was educated at the University of South Florida and holds a degree in Gemology from the Gemological Institute of America (GIA).

In its Stock Exchange notice previously, A.S. Bryden stated, “We are committed to becoming the leading distributor of food and premium beverages to hotels, resorts and restaurants in Jamaica and across the Caribbean.

“As a member of the Bryden’s Group, CPJ will now have access to greater resources and a regional platform. This is an exciting time for both ASBH and CPJ. I look forward to working with the combined team to grow our business and deliver value to our customers, principals, employees and shareholders.”

ASBH, based in Trinidad and Tobago has operations in Guyana and Barbados distributing food, premium beverages, consumer products, pharmaceuticals and industrial Caribbean-wide.

Directors in the financial report for Bryden for the third quarter ended September 30, 2024, noted high expectations for the Christmas quarter. They stated, “While there is significant headwind in the Trinidad market leading to revenue and margin compression challenges, we are optimistic of a strong Christmas and Carnival season.

“The Group has also been expanding its export business and we are seeing robust growth in Guyana and Jamaica while Barbados is holding its own. CPJ will deliver positively to the bottom-line as Jamaica and St. Lucia enter the winter tourist season. So overall, despite the challenges, we expect to deliver growth.”

For the year to date, A. S. Bryden saw growth in revenue of TT$433.0 million (24.1 per cent) against the prior year, while gross profits increased by TT $154.2 million (33.3 per cent)

Profit before tax closed at TT$92.3 million compared to TT$116.3 million in the prior year, a reduction of TT$24.0 million. This was driven by higher finance costs in 2024 (TT$12.9 million), reversal of the medical plan liability in 2023 (TT$22.6 million) and reduction in income from an Associate investment in 2024 ($1.1 million.

The Group consolidated the results of CPJ from the date of acquisition of its interest in that company to the reporting date. The Company declared an ordinary dividend of TT$0.01323 per share in June 2024 (TT$0.0126 per share in June 2023).



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