THE sale of Massy Distribution (Jamaica) Limited (MDJL) to Acado Limited continues to remain on pause as the Fair Trading Commission (FTC) seeks to prevent a monopoly on the distribution of insulin products in Jamaica.

The FTC provided the update on Thursday into its continued review of the acquisition. Massy Holdings Limited, the parent company of MDJL, announced in February that it was selling 100 per cent the Jamaican subsidiary to Acado (formerly Caribbean Distribution Partners Limited), a 50/50 joint venture between Trinidad-based Agostini Limited and Barbados-based Goddard Enterprises Limited.

Although Acado does not have an existing presence in the Jamaican marketplace, Agostini does have a presence in the pharmaceutical space via its subsidiary Aventa Jamaica Limited (formerly Health Brands Limited). Upon an initial phase 1 review, the FTC identified the significant concentration of insulin distribution by both companies. Insulin is mainly used in the treatment of diabetes mellitus type-1.

“The FTC’s review of the transaction identified significant competition concerns in the distribution of insulin products in Jamaica. Currently, three brands are available in Jamaica, and all are distributed by either Massy or Aventa. The proposed transaction would create a monopoly distributor for these brands,” the FTC said in its update.

The FTC added, “On May 27, 2025, the FTC formally notified the parties and began negotiations to ensure the acquisition does not compromise the accessibility or affordability of insulin, given its critical importance to individuals living with diabetes.”

According to the National Health Fund (NHF), there are 35 insulin related products which are subsidised for users. Novolin is manufactured by Novo Nordisk while Lantus and Apidra are manufactured by Sanofi. Both brands along with Abbott Diabetes Care are represented by Massy Distribution Jamaica.

In order for this transaction to receive a non-objection by the FTC, an insulin brand must be distributed by an independent distribution company to preserve competition in the insulin market. Once this revised distribution structure safeguards competition, the FTC will issue a non-objection letter, subject to additional safeguards to preserve competition in the market.

“Once a distributor is identified and a formal agreement or commitment is submitted, the FTC will conduct due diligence to confirm that the new arrangement addresses its competition concerns. For example, the new distributor must not be affiliated with any company involved in the acquisition,” the FTC stated.

The FTC’s update pointed out that Agostini intends to have Massy’s consumer products division managed directly by Acado while the pharmaceutical operations would be integrated with Aventa Jamaica. Agostini’s June 2025 takeover bid circular noted that Aventa Jamaica sells and delivers pharmaceutical products to 650 pharmacies across Jamaica, including hospitals and diagnostic centres. Approximately half of these deliveries are made within 24 hours with 90 per cent delivered in two days. The top five brands represented include Carlisle Labs, Health 2000 Canada Ltd, Asofarma, Organon and MSD with the company selling to more than 2,000 doctors as well.

However, it was noted that Jamaica’s largest pharmaceutical distributor is Cari-Med, a company founded by Dr Glen Christian. Facey Pharmaceuticals, a subsidiary of Seprod Limited, was identified as the second largest player. Medimpex, Lasco Pharmaceuticals and T Geddes Grant are some of the other competitors in Jamaica.

Massy Holdings noted in its third quarter (April to June) financials that net profit from discontinued operations was TT$2.69 million ($63.53 million). These discontinued operations are related to Massy Distribution Jamaica. For the overall nine months, the net profit from discontinued operations was TT$13.83 million ($326.93 million).

The FTC introduced special conditions in August 2023 to approve Massy Holdings acquisition of IGL (St Lucia) IBC Limited, parent company of IGL Limited. Massy Holdings already owned Massy Gas Products (Jamaica) Limited which was a dominant market player. These two firms are the two largest players in the residential and commercial liquefied petroleum gas segment and other specialised gas products.

Agostini extends Prestige deal again

Agostini has extended its takeover bid of Prestige Holdings Limited for a fifth time to the new closing date of January 20. The extension is due to the regulatory approvals required from the Trinidad and Tobago Fair Trading Commission (TTFTC). Prestige Holdings is a restaurant management company that manages the Starbucks, TGI Friday’s, KFC, Subway and Pizza Hut franchises in Trinidad & Tobago. Prestige also operates TGI in Jamaica which is set to have its second restaurant in Portmore, St. Catherine.

According to the Trinidad Guardian, the FTC currently does not have a board. The TTFTC website reveals that there are no listed commissioners. Former chairman Dr Ronald Ramkissoon’s
LinkedIn profile revealed that he resigned in June 2025, two months after Trinidad’s general election where there was a change in government. There is a precedence in Trinidad for state entities to have a resignation of the existing boards or government appointed directors once there is a change of government.

This means that Agostini currently has two of its latest acquisitions stuck in regulatory limbo despite satisfying other conditions to complete the transactions. Massy and Agostini’s audited financial statements for the September 30 period are due by December 29.