FRESHLY established New Transport Group (NTG) will start out with $1.6 billion in assets and a revenue base of near $2 billion.

The company was formed to absorb Lascelles deMercado’s transporation businesses and a small general merchandise business.

The combined assets of Lascelles’ discontinued operations, which will go to NTG, totalled $1.6 billion as at September 30, compared to liabilities of $700 million, according to its audited financial statements.

Those assets generated $1.9 billion in revenue for the year to September 30, but incurred a combined loss of $68 million, mainly due to general merchandising operations.

Among the assets that the conglomerate hasn’t already sold or is in the process of selling to Campari or Guardian Holdings, was Turks Island Importers and its subsidiary Timco.

The Italian liquor company bought Lascelles’ spirits business, while Guardian bought its general insurer, Globe Insurance.

Sterling Motors, Cars & Commercials Limited and Kingston Industrial Garage all fall under the transportation business, along with John Crook, Suntours Car-Hire and AJAS.

Lascelle’ transportation services reported a $112-million profit for the yeart to September 30, compared to $28 million the year before. It also has the bulk of the assets that will be taken on by NTG.

NTG will realise residual interests of Lascelles’ stockholders on record as at November 20, 2012.

Campari will be left with $26.2 billion in assets, compared to $5.7 billion in liabilities.

The Italian firm paid US$415 million ($37 billion) for the rum and distribution businesses.