May 31, 2011
JP to sell near-$1b in equities to support expansion
JAMAICA Producers Groups Limited (JP) says that it will sell off $903.65 million worth of locally held equities to support its expansion thrust.
On Monday, JP notified the Jamaica Stock Exchange (JSE) that it had “concluded the sale of long-term equity holdings to support its planned investment and business development programme and will record a gain on the sale”.
JP’s most recent financial statements showed that the company reduced its long-term investments from $2.33 billion as at April 3, 2010 to $1.58 billion at April 2, 2011.
