Jamaican entity Seprod Limited makes takeover bid for Trinidadian firm A.S Bryden

 



Seprod, a Jamaican company has announced its intention to acquire up to 447,491,012 ordinary shares of its subsidiary A.S. Bryden & Sons Holdings Limited representing 29.85 per cent of ASBH’s outstanding shares.

A.S. Bryden & Sons Holdings Limited, a company in which Seprod already has 60 per cent shareholding, is a large distributor of fast-moving consumer goods in Trinidad and Tobago. The Group represents global food, liquor, pharmaceutical, hardware, houseware and industrial equipment brands, and manufactures products under its own brands.

The Group has a large market share in Trinidad and Tobago with a smaller but growing presence in Barbados, Guyana, St. Vincent and St. Lucia. In addition to CPJ, the Group operates through four principal operating subsidiaries A.S. Bryden & Sons (Trinidad) Limited, Bryden pi Limited, F.T. Farfan Limited and Micon Marketing Limited.

Founded in 1923, today the Group has over 1,800 employees and for the financial year ended December 31, 2023, generated revenues of approximately TT$2.56 billion.

Seprod Limited reported a 19 per centincrease in revenue, totalling J$133.08 billion for the twelve months ended December 31, 2024, compared to $112.15 billion in the corresponding period last year. Revenue for the fourth quarter increased by 29 per cent, closing at $39.65 billion compared to $30.84 billion for the comparable quarter of 2023.

Seprod in a notice on the Jamaica Stock Exchange indicates that the offer price payable to ASBH shareholders that accept the will be newly issued ordinary shares in Seprod, at a rate of 396.43 ordinary shares in Seprod per 1,000 ordinary shares of ASBH (disregarding fractions).

Unless extended, the Offer period will expire on June 5, 2025. Seprod has issued a Take Over Bid Circular pursuant to Securities Industry (Take-Over) By-Laws, 2005.

The lead broker with respect to this Offer is Republic Wealth Management Limited Maraval, Trinidad and Tobago.

Seprod previously acquired 60 per cent of the shareholding of AS Bryden noting that the acquisition significantly increased the Group’s profitability and have significantly expanded the Group’s distribution capability and footprint throughout The Caribbean Community.

AS Bryden subsequently acquired CPJ Jamaica limited and Micon Holdings Ltd.

Caribbean Money Daily

Photograph: Richard Pandohie, Managing Director and CEO of Seprod Limited.

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