Honey Bun transfers majority holdings into new company

Honey Bun transfers majority holdings into new company

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com

Tuesday, January 05, 2016

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ON December 31 the Jamaica Stock Exchange gave notice that Honey Bun Jamaica Ltd, a bakery business and Junior market company, had transferred 55,151,600 shares or 70 per cent of its collective holding to a related party.

The company subsequently explained that the transaction represented the movement of family-owned shares into a new holding company.

The reason for the move was not explained; however, in a news release, Honey Bun – crediting the response to CEO Michelle Chong – said the company’s ownership remains the same despite the share transfer.

The transfer of 55,151,600 shares was from holdings of individual family members to a company owned by the family, Chong indicated.

According to the CEO, "The shares remain with the Chong family, majority owners and founders… as they have been transferred from the six members of the family who originally held the shares to a holding company owned by them."

She said the move will not in any way affect the managerial structure of the company.

"The move will strengthen the company’s platform. As we continue to grow, we find it prudent to add even greater stability by establishing a firm footing for the future," Chong was quoted as saying.

She noted that since 2011 Honey Bun Ltd – now a 33-year-old company — has traded on the Jamaica Junior Stock Exchange and "has shown significant growth, reporting over 200 per cent profit increase for the 2014-15 financial year", citing also several awards received for best practices including corporate governance.

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