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SUPERPLUS FOOD STORES What does Michael Lee Chin have to do with the future of the Supermarket Chain controlled by this brother Wayne Chen?



“Are you closing down or what, how the shelves dem so empty?” remarked an irate shopper in the Superplus Liguanea branch, confronting one of the store attendants walking through the supermarket. “Is the same way the one down half way tree look” remarked another shopper passing by. A casual stroll through the Kingston located Superplus stores by this writer, revealed much truth in the comments and observations by the two shoppers.

According to one industry watcher, there are unconfirmed reports that the privately held and controlled Wayne Chen led Superplus chain is having problems making payments to suppliers who have now apparently cut off supplies hence the scanty shelves. But how this could be, with reported annual sales of over JA$11B Superplus should be awash in cash. “That how it appears on the surface, the supermarket business is a very thin margin business, ranging from 2-3% and so they may be generating a lot of cash, but very little profit” was how one financial analyst summed up the situation.

This begged the question. Is the supermarket business a good business to be in at this time or quite frankly at anytime? Which led us to ask a very obvious question? Would Michael Lee-Chin invest in the supermarket business?
Given his publicly stated investment views and posture the answer would and should be a resounding NO.

Michael Lee-Chin established investment philosophy is “buying few excellent businesses in long-term growth sectors and holding these businesses for the long term in order to help investors prosper by preserving and growing their capital and minimizing taxes.”
Lee Chins Investment Philosophy
• Use other people’s money
• Find a role model
• Invest in a few businesses you understand
• Stay committed to your investment philosophy
Given this posture would he have advised his siblings to invest in the supermarket business.

More questions. To what extent if he is, is Michael advising his brother Wayne on the merits of investing in the supermarket business? Is he telling Wayne to cut and run or hold for the long term?
Or better still does Lee Chin view the supermarket business as a good investment and is putting his money where his mouth is.

If you were a billionaire and a savvy successful investor with brothers and other family members in the supermarket business and they were having a hard time making money would you bail them out, would you put your own money in, but then you don’t use your own money, you use other people’s money. What would you do?

There are cynics who would suggest that Michael and companies under his control are already major investors or backers of the supermarket group. But would Michael really throw good money after bad or is it that he sees it as a good investment.

These are all relevant questions, as the answer will give a clearer picture on the way forward for Wayne Chen and the SuperPlus Chain of supermarkets.

If you don’t already know Wayne Chen is the younger brother of billionaire Michael Lee-Chen and while heading and running the Super Plus chain, overseas a number of his bigger brother business. He is the Chairman of NCB Insurance Company Limited, West Indies Trust Company Limited and CVM Communications Group, a Director of National Commercial Bank Jamaica, NCB (Cayman) Limited, AIC (Barbados) Limited and the Christiana Town Centre Limited.

Chen stripping the group

Wayne Chen


Wayne Chen announced in October last year that He was contracting the supermarket chain and would close a fifth store in Montego Bay but would expand others. Chen has been stripping the group of its loss-making stores indicating that the business was attempting to grow revenues by concentrating more on services like its cambio operations. Chen said that grocery had become the “loss leader” for the supermarket chain, but gave no specifics on the other business segments that were underperforming. Five stores have been culled from the group, and of the remaining 25, the majority, 22, are controlled by brothers Wayne and Richard Chen, while the others are held by other family members.
More than a decade ago, supermarket owners, hurting from market fragmentation and weak consumer spending, began a process of conglomeration with the hope of restoring profitability to their operations.

Progressive Grocers leads the charge

Back in 2003 there was a merging and acquisition frenzy going on in the supermarket sector with the consortium, Progressive Grocers acquiring four supermarkets in rural Jamaica, bringing to 18 the number in the chain, and helping to reinforce the oligopolistic market that has been developing within this industry.

The five-member grouping acquired a number of Jamaica’s independent supermarkets to become the second largest chain after SuperPlus Foods Stores, which operated at the time 27 outlets. GraceKennedy’s Hi-Lo had 15 shops. Together the three groupings controlled the lion’s share of the Jamaican market.

The acquisitions would give the Progressive Grocers even greater critical mass in procurement, to go up against SuperPlus, the industry’s behemoth that had also been on an expansion binge. The concept of the Progressive Grocers is to create an alliance that could jointly purchase goods to spread administrative cost in the management of this process, as well as marketing, and to create bargaining clout in procurement. Sources say, for example, that the group was also seeking to set up a central warehouse, a move that would allow it to further spread overhead cost.

At the time Hi-Lo had acquired six groceries and wholesales to control a total of 15 stores with plans to open another five stores later that year – one in Mandeville and Spanish Town, with the other three were supposed to be under construction. John Mahfood, former GraceKennedy chief operating officer in charge of retailing and projects at the time said that Hi-Lo would be adding between 5 and 6 stores per year over the next five years, bringing the total number to about 40. This has not materialised.

Not to be undone, Super Plus, with 27 stores at the time, also announced plans to open three more in Kingston.

Come 2006 Supermarket operators were crying out “We’re not making any money”. The tide had turned and the future looked dim.

So what went wrong?

Operating within an oligopolistic market – dominated by four major groups – Jamaica’s supermarkets were now bleeding red ink. This, the owners said, was the result of skyrocketing utility and other operating costs, interest burden on the debt associated with expansion, weak demand, and their inability to pass on costs to the increasingly price-sensitive consumer.

“Right now it is murder,” was how Wayne Chen characterised the business environment. “We are making a small profit, but we now have to be looking at liquidating non-core assets to cut our finance charges.”

In 2005/06 SuperPlus is reported to have recorded gross sales of $11 billion – making the group by far Jamaica’s largest retailer. Such critical mass was part of the business plan – to better spread overhead, give the group procurement clout, and improve its gross profit margin – all of which have been achieved. However, according to Chen, the steep increases in fixed and semi-fixed costs over the last two years have eaten away at the group’s net profit.

For example, there has been about a seventy per cent increase in the cost of electricity across the group over the past year. “Light bill at our Trafalgar Road location has moved from 800,000 to $1.4 million per month,” Chen told the Business Observer. In a business where red ink is all around, SuperPlus with its very small profit was, relatively speaking, holding its own.

GraceKennedy’s supermarket subsidiary, Hi-Lo, was reported to have lost $80 million that year. Hi-Lo’s electricity bill soared to $10 million per month, a 66 per cent increase on the $6 million previously. Security costs jumped by 20 per cent to $60 million. “Increase in costs, lower level in disposable income, compounded with a more competitive market make it challenging for companies,” noted Mahfood.

Hi-Lo by this time closed down two of its Kingston supermarkets – its branch at Tropical Plaza in 2004, and its Hagley Park Road store in 2005 reducing the Kingston branches to four, and the total number of stores islandwide to 13.

Ken Loshusan, operator of John R Wong Supermarket in New Kingston and Loshusan Supermarket Barbican Circle in Kingston, said his supermarkets were also not making any money. “How can you make money when light bill, rent etc. are all over a million dollars? We’re barely breaking even right now. We’re just creating employment, that’s it,” said Loshusan.

According to published reports, on average, the pre-taxation margin of supermarkets in the Progressive Group was about 20 per cent. However, increasing operational costs had eaten away at their margins, thus forcing most of the members into at best, break-even performance. “By the time we pay expenses, pay taxes we are left with nothing,” he complains. “If we raise (margins) half per cent, people will raise hell. All the expenses have skyrocketed. By the time we pay (expenses) we are left with nothing.”

In 2007 Progressive Grocers 28-member consortium comprised the second largest grouping of local supermarkets,

Chen commenting on the situation said that given the constraints faced by the industry in passing on costs to customers, there will be fallout within the industry.”We are gonna see some shakeout in the industry,” he declared.

“Sooner or later, some companies will have to drop out. By the end of the year, I expect some players to drop out.” Commented one operator.

Gassan Azan, the operator of MegaMart store and supermarket, said he too was experiencing sluggishness in the supermarket business, but that other non-supermarket items sold by his chain were helping to counter the fallout.

Like the other supermarkets, a major challenge at MegaMart was coping with the high electricity costs. For example, at MegaMart’s Waterloo Road, Kingston location, electricity cost had jumped from $1.1 million per month last year, to $1.7 million per month that year. At the other MegaMart store in Portmore, St Catherine, electricity cost had moved from $1.1 million per month to $1.8 million.

“Do you know how much more goods you have to sell to pay for the increase in light bill?” asked Azan. The two MegaMart stores had combined sales of $3.5 billion, but so far that year, sales have been flat, said Azan.

Moreover, according to Azan, the profit was generated mainly from the non-supermarket items which earned a much higher gross margin, and primarily at the Kingston store. “As a strategy, to achieve profitability what we have been doing is to push our non-food items,” he explained.

Chen cited several factors which he said accounted for the sluggishness in consumer spend at the island’s supermarkets. Among them: the tens of billions being spent each year on cellular phone usage. “The source of the money is not finite and it has to come from somewhere,” he said.

He also cited the increase in consumer electricity and fuel costs which divert consumer spending away from supermarket items, the slow-down in construction and its impact on purchasing power among working class Jamaicans. Chen also noted that the anti-crime measure ‘Operation King Fish’ had also curtailed criminal activities and their ability to fund consumption in the way they once did.

The SuperPlus boss says his stores have felt the impact of these factors.”Most stores in the chain are flat in Jamaican dollar terms, and some stores are down,” he told the Business Observer. “Some of the new ones continue to grow but at the expense at the older stores.”

But according to Chen, SuperPlus has been taking steps to improve its cash flow and financial position in light of the soft market.

“In some instances we are cutting back on wholesaling because of the margins,” he said. “We are looking at all of our resources that are not being utilized with a view to liquidating them to cut our bank finance cost. We are seeking to share the cost of running the business over a wider revenue base.”

A victim of its own success

Wayne Chen is obviously doing everything he can to diversify income streams and squeeze more margins out of the operation; these include building more money transfer facilities, ATMs, cambios, and pharmacies in its stores of which it now had five.

“The main push is to look at fixed cost. We have no control over rent so we need to offer more within the stores to defray them.”

It’s clear that the aggressive investment in new locations has not produced the desired results. SuperPlus’ success at growing into the largest retailer in Jamaica – in 2003, surpassing furniture retailer Courts – less than 10 years after the chain, which was started by Gloria Chen in the 1960s, and had been anchored in southern Jamaica, morphed into the well-organised corporate structure is today a victim of its own success.

Wayne Chen had declared his intention to aggressively grow the firm’s store count and roll out up to 400 additional items under the SuperPlus brand – moving the range to about 700 and, importantly, giving SuperPlus greater control over stocks and the ability to squeeze more profit in a business famous for its thin margins.

In recently published press reports Wayne Chen said he would not refuse a good offer for the islandwide family-owned supermarket chain, but says he has not put the company up for sale. Asked outright whether that meant SuperPlus was hunting a buyer, Chen dismissed it, but did not discount it as a future possibility. “Not at all,” he told the Financial Gleaner. “Not in the short term. We are right-sizing the company now,” he added.

Rumours however persist that Wayne is actively looking for a buyer for the reportedly money losing supermarket chain. But denials are in order until the ink has dried on the contract and the cheque handed over. Plans for an IPO must now be off the table given the current state of affairs and from all indications 2009 is going to be a very challenging one. Margins will be put under far more pressure and more red ink will flow throughout the sector.

And so we are back to Michael Lee Chin. Why? Well if we know for certain Michael’s views and investments in SuperPlus then we will know where it’s going.

Additional sources: Jamaica Observer

Businessuite Markets

Tyrone Wilson Returns to iCREATE LIMITED In Dramatic Fashion Played Out At Annual General Meeting



iCreate Limited (“iCreate” or “Company”) recently held its Annual General Meeting (“AGM”) on Friday, November 24, 2023 for the financial year ended December 31, 2022. Upon the demand of a poll and after the ordinary and special resolutions were voted on by the shareholders, the results of each resolution are as follows: –

Resolution No. 1
“THAT the Reports of the Directors and Auditors and the Audited Financial Statements for the year ended December 31, 2022 be received and adopted.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 2 (a)
“THAT the Directors, retire by rotation upon the expiration of one year (1) year and be re-elected and appointed by a single resolution.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (b)
“THAT Ms. Arlene Martin who retires by rotation and being eligible for re-election be and is hereby reelected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (c)
“THAT Mr. Ricardo Allen who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (d)
“THAT Mrs. Dainya-Joy Wint who retires by rotation and being eligible for re-election be and is hereby reelected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (e)
“THAT Mr. Larren Peart who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 2 (f)
“THAT Mr. Ivan Carter who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (g)
“THAT Mr. Adrian Smith who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 3
“THAT the remuneration of the Directors be determined by the Board of Directors upon their re-election for the ensuing year.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 4
“THAT CrichtonMullings & Associates, Chartered Accountants, having agreed to continue in office as auditors, be and are hereby appointed Auditors of the Company, to hold office until the next Annual General Meeting at a remuneration to be fixed by the Directors of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 5
“THAT Article 99 of the Company’s Articles of Incorporation be amended, approved and adopted by the Company to permit for the retirement, re-election and appointment of Directors to be done on a three (3) year rotation and the Directors be authorised and directed to register such amendment to the Company’s Articles of Incorporation with the Office of the Registrar of Companies as the Board of Directors of the Company may deem appropriate after receiving requisitions from the Office of the Registrar of Companies Registrar, by replacing and/or amending Article 99 to provide as follows: –

“At the first Annual General Meeting of the Company all the Directors shall retire from office, and at the Annual General Meeting in every subsequent year, one-third of the Directors for the time being or, if their number is not three (3) or a multiple of three (3), the number nearest one third (1/3) all of the Directors for the time being shall likewise retire from office.”

Result: This resolution was not passed as a majority of the shareholders voted against same.

Upon Notices being submitted to the Company of the proposal to nominate Mr. Tyrone Wilson at the AGM as a Director of iCreate and his acceptance thereof, this resolution was transacted under any other business which could be properly be brought before the AGM. This resolution was moved and seconded and put to a vote by the shareholders. The resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution and Mr. Wilson was subsequently appointed as a Director of the Company with immediate effect.

The status of the Company as at November 24, 2023 is as follows: –
1. Directors: Mr. Tyrone Wilson (non-independent executive director);
Mr. Larren Peart (independent non-executive director); and
Mr. Adrian Smith (independent non-executive director)
2. The Company is without an Auditor.
The Company will be filling the casual vacancies in short order and securing the services and appointment of an Auditor so as to ensure compliance of the relevant sections of the JSE Junior Market Rules.

The Company wishes to express its gratitude to the shareholders who attended and participated at the AGM and its Management team.

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Corporate Movements

Corporate Movements- December 2023



Dolla Financial Services Limited (“DOLLA”) wishes to advise that Ms. Alison Lynn, Financial Consultant, and Mr. Walter Scott, Attorney-at-Law King’s Council, have been invited to join DOLLA’s Board of Directors subject to the approval of the Bank of Jamaica in accordance with the Microcredit Act of Jamaica.

Supreme Ventures Limited wishes to advise of the resignation of Mr. Walter Scott, KC as a Director and Chairman of its subsidiary McKayla Financial Services Limited effective November 30, 2023. The company would like to thank Mr. Scott for his invaluable contribution to the Board of McKayla and would like to wish him all the best in his future endeavors.

iCreate Limited (“iCreate” or “Company”) wishes to advise that as at November 24, 2023, the following resignations were effective: –
1. Ms. Arlene Martin resigned from the post of Interim Chief Executive Officer and as Director of the iCreate subsidiary of Visual Vibe.Com; and
2. Mr. Ivan Carter resigned as Director of the iCreate subsidiaries of Visual Vibe.Com and GetPaid Limited.
With respect to the Company/Corporate Secretary, Mr. Demetrie Adams, his resignation takes effect as at December 31, 2023.
The Board of Directors of iCreate wishes to wholeheartedly thank Messrs. Martin, Carter and Adams for their invaluable service to the Company over the years and wish them all the very best in their future endeavours.


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Businessuite News24

Dolla Financial Services Announces Successful Approval Of J$500 Million Credit Facility



DOLLA is announcing that the Company has been approved as an accredited Micro Finance institution (MFI) by the Development Bank of Jamaica (DBJ). With this status, DOLLA now qualifies for funding and has been approved for a J$500 Million facility under their Micro Small and Medium sized Enterprise (MSME) Line of Credit to be disbursed and managed by Mayberry Investments Limited.

This substantial funding marks a key strategic move for DOLLA, underlining its dedication to growth and innovation in the microfinance industry. The company expresses excitement and gratitude for the support received from the Development Bank of Jamaica (DBJ). This approval from DBJ not only attests to DOLLA’s financial stability and vision but also contributes to the economic landscape. DOLLA remains steadfast in delivering value to its stakeholders and fostering positive change within the microfinance industry.

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Businessuite News24

Digicel Group Appointments Rajeev Suri As Chairman Designate



Digicel is pleased to announce the appointment of Rajeev Suri as Chairman Designate of Digicel Group, the leading digital provider in 25 markets across the Caribbean and Central America.

Rajeev will succeed Denis O’Brien post implementation of the previously announced Restructuring Services Agreement [RSA]. Mr O’Brien will continue to serve on the Board and remain a shareholder in the company.

Implementation of the RSA will see the Digicel shareholder consortium led by PGIM, Contrarian Capital Management, and GoldenTree Asset Management gain a controlling stake in the company. Rajeev will continue to be based in London.

The incoming shareholders of Digicel in a joint statement said; “Rajeev has a proven track record of transformative delivery and with a strengthened balance sheet, we see considerable potential to grow value and profitability at Digicel.”

Commenting, Denis O’Brien, Digicel’s Founder said; “I am delighted to welcome Rajeev as Chairman Designate. Given his impressive track record of delivery over 35 years, I know he will both add value and create value for all our stakeholders. He joins superb local teams across the Caribbean and Central America with whom it has been my privilege to work for over 25 years. He is the ideal leader to deliver on Digicel’s next phase of growth.”

Commenting Rajeev Suri, Chairman Designate said; “I want to thank Gregory Cass, Principal, PGIM, Pat Dyson, Partner, GoldenTree Asset Management, Xiao Song, Managing Director, Contrarian Capital Management, Denis O’ Brien, Digicel’s Founder and all the shareholders of Digicel for welcoming me into the company. Denis has built a fantastic company with leading positions in the markets it serves. I look forward to getting on the road to meet our customers and employees and continuing to strengthen the company’s board and leadership team to take the company forward in this next chapter.”

Mr. Suri has worked in the telecom industry for around 35 years, most recently as Chief Executive Officer of Inmarsat from March 2021 until its acquisition by Viasat in May 2023. He joined Inmarsat from Nokia, where he was President and Chief Executive Officer from 2014 to 2020, having served as Chief Executive Officer of Nokia Siemens Networks since 2009. He was a Commissioner of the United Nations Broadband Commission and served as Chair of the Global Satellite Operators Association (GSOA).

As CEO of Inmarsat, a global mobile satellite communications services company, he delivered record financial performance and provided a successful exit for the company’s private equity and pension fund shareholders.

When at Nokia and Nokia Siemens Networks, Rajeev took a business valued at around €1 billion and increased that to more than €25 billion, creating one of the top two global leaders in telecommunications network infrastructure. He also led the sector’s consolidation, improving the health of the company and the industry.

Previously, Mr. Suri served as co-chair of the digitalisation task force for the B20 and he was also a member of various digital and healthcare committees at the World Economic Forum and is a past recipient of China’s prestigious Marco Polo award. Mr. Suri currently serves as a director of Stryker Corporation, Viasat and Singtel. He holds a B.E. in Electronics and Communications and an honorary doctorate from Manipal University.

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Businessuite Markets

A.S. Bryden & Sons Holdings Limited Lists On The JSE’s Main Market And USD Equities Market



A.S. Bryden & Sons Holdings Limited, a Trinidadian company acquired by Seprod Limited, officially listed its ordinary shares on the Main Market of the Jamaica Stock Exchange (JSE) and its Class A Preference Shares on the JSE USD Equities Market on November 10, 2023, by Introduction. The Company being the first to list on the Main Market and USD Equities Market of the JSE in 2023. The Company commenced trading of the ordinary shares under the short name ASBH at a price of JA$22.50 on the Main Market and the Preference Shares under the short name ASBH6.00 at a price of US$1.00 on the USD Equities Market.

ASBH is the 52nd company to list on the JSE’s Main Market, 14th company on the USD Equities Market and the 102 company listed overall on the JSE. The listing of A.S. Bryden & Sons Holdings Limited has increased to twelve (12), the new securities that are listed on the JSE since January 2023.

“The total money raised on the market shows that equity capital is the way to finance your business, especially during a high interest rate regime, said the delighted Group Business Development Manager of the Jamaica Stock Exchange, Mr. Andre Gooden, in his welcoming remarks at the Listing Ceremony. He informed the audience that the market capitalization of ASBH at $31.27 billion had increased the market capitalization of the Main Market to over $1.61 trillion and the overall market capitalization of the JSE’s combined markets to $1.8 trillion. Mr. Gooden added that since the start of the year, a total of JA$18.74 billion (approximately US$122.12 million) was raised by way of Initial Public Offers (IPOs), Additional Public Offer (APO) and private offers.

Describing the JSE as the most vibrant stock exchange in the Caribbean in which to participate, Mr. Richard Pandohie, Chief Executive Officer of A.S. Bryden & Sons Holdings Limited, in his remarks to the audience revealed that the Bryden Group which had been in private hands for 99 years, as part of its 100th year Anniversary, was allowing investors to participate in its journey. He also described the Company as being part of the fabric of Trinidad and Tobago and noted with satisfaction that 54% of the employees had chosen to buy shares in the Company.

“Today we are witnessing a major milestone in the evolution of the Seprod Group allowing investors to participate in its journey,” said Mr. Pandohie. He said that ASBH is the biggest acquisition in the history of the Seprod Group and added that the public and investors across the Caribbean can anticipate more big plans from the Company. He disclosed that the Company was in the process of building a US$30m distribution centre in Trinidad and will be expanding its footprints in Guyana and Barbados. Mr. Pandohie further explained that the current listings of shares on the JSE was not about raising funds at this time but to position the Company to efficiently access capital if the need arises. In highlighting the growth of the Company since its acquisition by Seprod Limited, Mr. Pandohie stated that ASBH workforce had expanded from 1,263 to 1,565. He gave huge thanks to the employees, JSE, Financial Services Commission, NCB Capital Markets Limited (broker), the professional service providers, business partners, investors and customers for the unwavering support given to the Company.

In his remarks, Mr. Alex Johnson, Manager – Origination & Structuring at NCB Capital Markets Limited, the broker of the listing, congratulated ASBH for successfully listing on the JSE and for choosing NCB Capital Markets Limited as their broker. He further remarked that it was fitting that the JSE was chosen as the platform to go public as the Company commemorates its 100th year anniversary. He further tipped the audience that Seprod Limited had been consistent in paying dividends and hence he sees current and future new investors also receiving significant benefit from investing in ASBH’s shares, its newest subsidiary.

About A.S. Bryden & Sons Holdings Limited (ASBH)
A.S. Bryden & Sons Holdings Limited was incorporated in Trinidad and Tobago on July 1, 1999. The Company serves as the non-operating parent company of the Bryden’s Group of Companies. A.S. Bryden & Sons Holdings Limited (“A.S. Bryden”) is a consumer products distributor in Trinidad and distributes food, pharmaceuticals, hardware, houseware and industrial equipment. It is a partner of choice for global principals and has its own brands. It has significant market share in Trinidad with smaller presence in Barbados and Guyana. A.S. Bryden operates through three principal operating subsidiaries A.S. Bryden & Sons (Trinidad) Limited (“ASBT”), Bryden pi Limited (“Bryden pi”) and F.T. Farfan Limited (“F.T. Farfan”).
Seprod Limited is the majority shareholder.

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