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Medical Associates Hospital & Knutsford Court Hotel To Be Transformed Into A State-Of-The-Art Health District – Part 3 The Project and Properties



According to the press releases plans are in progress to transform the Knutsford Court Hotel property into a model business and lifestyle village that will build healthy living, productivity, and environmental sustainability into its operations.

Dr Walcott stated that Novamed believes that investing in healthcare extends beyond buying hospitals and clinics. It extends into creating productive spaces in everyday life that facilitate healthy and sustainable undertones to our professional and personal activities.

Medical Associates Hospital and Medical Center (MAH)

MAH was established in 1959 by Dr. J.T Burrowes whose vision was to create the finest private healthcare facility in Jamaica, offering a wide range of medical services of the highest quality to its patients, with care, compassion, and kindness.

Throughout the years Medical Associates Hospital has gained a reputation for excellent nursing care, experienced and highly-trained consultants, physicians and surgeons, and forging new pathways in medicine.

MAH is a First-Class healthcare facility that is proud to have forged long-standing relationships and alliances with over 60 companies and corporations in Jamaica, including embassies and consulates, international shipping lines, security companies, manufacturing plants, and telecommunications companies, to name a few.

Our excellent relationships with our highly trained medical team and our family of patients, coupled with our unwavering commitment to quality healthcare services and advancements in medical technology has significantly contributed in helping the hospital build a positive, progressive and unquestionable reputation in the healthcare sector.

MAH has three entrances; one on Ruthven Road, one on Chelsea Avenue and its main entrance, on Half Way Tree Road, and is open 24 hours a day, 7 days a week.

The Knutsford Court Hotel

Businessman Kevin Hendrickson brought his talent and experience to The Knutsford Court Hotel, his second hotel acquisition in Kingston (The Courtleigh Hotel & Suites being the first). Located in the Half Way Tree area of the city, The Knutsford Court Hotel is unique in its ability to suit every type of traveller and budget, with accommodation and amenities for corporate visitors, groups, couples and families.

Modernization is at the heart of the hotel, with state-of-the-art point of sales systems, fire prevention and sprinkler systems throughout, an intricate surveillance camera system and electronic key lock for bedrooms as well as complimentary high-speed Wi-Fi access.

Hotel Four Seasons?

It was recently reported that First Rock bought one of several hotels which are near the Medical Associates Hospital. It is understood that this hotel will be added to the MAH portfolio, causing a possible conflict of interest on Dr Banbury’s behalf, hence his resignation.

Hotel Four Seasons, a long-standing part of Kingston’s hospitality landscape, and sits just across the road from both Medical Associates Hospital & Knutsford Court Hotel was placed on the market for sale by its owners, who are seeking US$16 million, or about $2.5 billion in Jamaican currency, for the property located on Ruthven Road. There has been no further public announcement on this pending sale.

Medical Associates Hospital & Knutsford Court Hotel To Be Transformed Into A State-Of-The-Art Health District – Part 4 The Business Opportunity – Medical Tourism Expansion

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VMIL Increases Stake In Kingston Properties



Victoria Mutual Investments Limited (VMIL) has today acquired 135,483,871 units of Kingston Properties (KPREIT) shares for a combined consideration of
$1,050,000,000. This transaction increases VMIL’s stake in KPREIT to a total of twenty-three per cent (23%), making KPREIT an associate company of VMIL.

This is in line with the VM Group Vision of being a leading Caribbean-based, Member-focused organisation transforming lives by advancing the financial wellbeing of individuals globally, more specifically by leveraging the collective Real Estate competence embedded within the VM Group.

VMIL expects to benefit from dividend income as well as participation in the strategic direction of KPREIT, going forward. With the acquisition of the
additional shares, VMIL’s 23% stake in KPREIT will result in the Company reporting a share of profit.

This acquisition is in line with VMIL’s thrust to expand its real estate investments.

The addition of KPREIT to the VMIL portfolio adds significant strength to its balance sheet and enhances its business development capacity. VMIL will now have an opportunity to diversify its real estate investments outside of Jamaica, based on KPREIT’s expansive portfolio in other Caribbean jurisdictions and North America.

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I.G.L. To Be Acquired by Massy Gas Products Holdings



Massy Holdings Ltd. (“the Company” announced that on December 19th, 2022 its Board of Directors approved the acquisition of I.G.L. (St. Lucia) IBC Limited by Massy Gas Products Holdings Ltd. (“MGPHL”), a wholly owned subsidiary of the Company.

On December 19th, 2022 MGPHL entered into a Share Purchase Agreement with Caribbean Petroleum Marketing Limited to purchase 100% of the share capital of I.G.L. (St. Lucia) IBC Limited, for US$ 140.3 Million.

I.G.L (St. Lucia) IBC Limited owns 100% of the share capital of IGL Limited, a company that has operated in Jamaica for six decades and whose primary business functions are the distribution of Liquefied Petroleum Gas (“LPG”), manufacturing and distribution of Industrial Medical Gases (“IG/IMG”) and the provision of a range of related services in both segments.

Completion of the transaction remains subject¬ to regulatory approval by the Jamaica Fair Trading Commission.

The acquisition of I.G.L. (St. Lucia) IBC Limited from Caribbean Petroleum Marketing Limited, is part of the Gas Products Portfolio’s growth strategy for its Liquefied Petroleum Gas (“LPG”) and Industrial Medical Gases (“IG/IMG”) business operations in Jamaica.

Currently, the Gas Products Portfolio operates in Jamaica via a subsidiary company and is already involved in the sale of LPG and IG/IMG.

The acquisition will represent a 7.3% increase in the Massy Group’s Assets and will contribute to an increase in the Group’s profit of approximately 7.1%. For the Gas Products Por olio, the acquisition is expected to increase its Profit Before Tax by 29.7%.

Massy Gas Products Holdings Acquires Air Liquide Trinidad And Tobago Limited

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Robert Rowe Sells Florida Based Rowe’s IGA For US$47M to Caribbean Retailer Massy Holdings



Purchase Marks Massy’s First Foray Into U.S. Retail, As Company Eyes Expansion

Massy Holdings, a diversified holding company based in Trinidad and Tobago, has acquired Rowe’s IGA, a seven-store operator in the Jacksonville, Fla., area, for $47 million.

The purchase reflects Massy’s “strategy to expand its retail footprint in the U.S. market,” the company said in a statement.

The stores will operate under Massy’s wholly owned Massy Stores USA subsidiary.

Rowe’s IGA, which was founded in 2005, was owned by Robert A Rowe, who was recently named one of IGA’s 2023 Retailers of the Year by the global independent grocery-store network.

It was not immediately clear whether the stores would continue to operate under the IGA banner. IGA, or the Independent Grocers Alliance, is a voluntary network with more than 8,000 stores worldwide.

Massy, which is publicly traded in Trinidad and Tobago and in Jamaica, operates several retail concepts across the Caribbean, but did not list any retail holdings in the U.S. in its recent annual report. It does have some distribution business in Florida, however, according to the report.

Massy’s retail division includes 60 stores under nine different formats and includes 32 in-store pharmacies and 14 warehouses. The company said it is the leading supermarket operator in the territories where it operates, with formats that also include supercenters, express stores, gourmet stores, pharmacies, home goods stores and a mega-warehouse club in St. Lucia.

Retail operations tallied about $1.1 billion in sales in the most recent year, up 8% year-over-year. Profit before tax in the division totaled about $78.6 million, up 25%.

The Rowe’s IGA acquisition will represent a 1% increase in Massy Group’s assets and is expected to contribute to an increase in the company’s profit before tax of approximately 4%, Massy said in a statement. The acquisition is expected to increase the Massy Group’s retail portfolio profit before tax by 7%, the company said.

Massy Holdings has three main investment portfolios: Integrated Retail, Gas Products, and Motors & Machines, as well as other lines of business.


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Massy Gas Products Holdings Acquires Air Liquide Trinidad And Tobago Limited



Massy Holdings Ltd. (“the Company”) announced that on November 28th, 2022 its Board of Directors approved the acquisition of Air Liquide, Trinidad and Tobago Limited (“Air Liquide”) by Massy Gas Products Holdings Ltd. (“MGPHL”), a wholly owned subsidiary of the Company.

On November 28th, 2022, MGPHL entered into a Share Purchase Agreement with Air Liquide International S.A. to purchase 100% of the share capital of Air Liquide for US$51.5 Million – US$58 Million; with a higher end range related to an earnout that is payable annually based on additional value considerations being met.

Completion of the transaction remains subject¬ to regulatory approval by the Trinidad and Tobago Fair Trading Commission.

The acquisition of Air Liquide, a manufacturer and supplier of industrial gases (oxygen, nitrogen and argon), is aligned with the MGPHL portfolio strategy to focus operations and its growth agenda on its core business.

The acquisition will represent an 11.4% increase in the Massy Group’s assets and will contribute to an increase in the Group’s profit of approximately 3%.

For the Gas Products Portfolio, the acquisition is expected to increase its profit before tax by 14%.

I.G.L. Acquired by Massy Gas Products Holdings

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MFS Capital Partners Set To Acquire Micro Financing Solutions Limited



MFS Capital Partners Limited (MFS) has announced that it has signed a Memorandum of Understanding (MOU) with the shareholders of Micro Financing Solutions Limited to acquire 100% of its shares. According to the MOU, which was signed by both parties on November 28, 2022, the transaction is to be settled within 90 days of the date of the signed agreement and subject to pricing to be negotiated and agreed.

MFS, acquired in May of this year from Stocks and Securities Limited, is a listed private equity firm looking to fully acquire or take positions in mature companies with strong growth potential. Formerly known as SSL Venture Capital Limited (SSLVC), the company underwent a name change and brand overhaul in August after having implemented a new Board of Directors and management team immediately following the acquisition. The completion of this transaction marked the first successful takeover of a listed entity on the Jamaica Stock Exchange since 2020.

Micro Financing Solutions Limited is a Kingston-based private company licensed by the Bank of Jamaica. The company began operations in 2014 as a microlender and licensed cambio, and since then, has expanded its operations into other areas including remittances, bill payment services and large credit. It has also gone on to take equity positions in several other entities. The company is a sub-agent of Lasco Moneygram and Western Union.

Speaking at the Annual General Meeting (AGM) for MFS, held earlier today virtually, CEO, Dino Hinds, announced the company’s intent to acquire MFS Limited, and believes that the deal will be a significant first addition to the MFS’s portfolio. “We are very excited at the signing of this MOU. This acquisition is in keeping with our outlined strategy to target companies involved in money services, investment banking and real estate that show robust growth potential. We look forward to completing this deal, while continuing our due diligence on other prospects in our pipeline.”

This transaction would be the first major deal executed under the new management team, and the sole operating entity in the company’s portfolio. Completion of the deal is subject to regulatory approval.

Micro Financing Solutions Limited is led by CEO, Tamar Webley. Together the company’s leadership team has over 30 years of combined experience in the financial services industry.

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