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Jamaica Broilers increases stake in Haiti operation

12 December 2018, at 12:00am

HAITI, 12 December 2018 - The Haiti operation of the Jamaica Broilers Group are substantial enough to now be classified as its own geographic segment

That decision was put into effect over seven months ago, and now the poultry company has followed that up with an increased stake in the operation.

Jamaica Broilers bought up an additional four percent of the business, which takes its stake to 72 percent in Haiti Broilers SA.

However, Group President & CEO Christopher Levy declined to disclose the terms of the deal, which was struck back in October, and the reason for the additional acquisition.

He would only say that the minority Haiti partners, of which there are two, were the ones selling the shares.

Haiti was stripped out of the geographic segment called 'other Caribbean' effective 29 April 2018.

In the half-year ending October, Haiti Broilers contributed sales of $1.17 billion to the group, for which total revenue topped $25.7 billion in the same period.

Jamaica Broilers retains the 'other Caribbean' segment in its reporting, although its last two quarterly financial reports show that Haiti Broilers, which has a 34 percent share of that country's table eggs market, was the driver of that geographic block.

Source: Jamaica Gleaner