Loshusan Lets Go: Sells three pharmacies to Fontana

 

  
Fontana Limited, a 56-year-old publicly listed company (FTNA) indicates that they will acquire the Monarch chain of pharmacies from Gerk Limited, owned by the Loshusans.

The move brings to an end competition between the groups. Fontana’s newest superstore in Portmore St. Catherine is located almost cheek by jowl with Monarch pharmacy in the municipality, a development for which Fontana spent in the region of $100 million.

The acquisition of Monarch Pharmacies with 3 locations in Kingston (Sovereign Centre, Loshusan Plaza and Tropical Plaza) and 1 in Portmore (Sovereign Village) the new owners stated, will enhance Fontana’s presence, enabling the company to serve a wider base of customers and offer an expanded range of products and services, including prescription medication, wellness items, and over-the-counter solutions.

Director, Bruce Loshusan. Fontana Limited said in the company release, “After 35 years in the pharmacy business, the Loshusan family has decided to streamline their operations and focus on retail food and property development.

“Because of our strong relationship with Anne Chang and Ray Therrien, we are extremely pleased that Fontana Pharmacy is acquiring our chain of pharmacies and are confident that they will continue the tradition of retail pharmacy excellence that Monarch started over three decades ago.”

The Loshusans own 22 supermarkets in Jamaica and are involved in property development, with many shopping complexes in the island constructed by them.

Fontana CEO Anne Chong stated, “ We anticipate closing this transaction during our Q3 period (January to March 2025) with operational changes and integration into our existing Fontana network throughout the balance of 2025.

Photo: Bruce Loshusan, jamecca.com

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