CL Financial puts second firm, a petrochemical company, up for sale

One of the industrial products made by Caribbean Petrochemical Manufacturing Ltd. The company, a subsidiary of the CL Financial group, has been put up for sale. -
One of the industrial products made by Caribbean Petrochemical Manufacturing Ltd. The company, a subsidiary of the CL Financial group, has been put up for sale. -

CL Financial has offered 100 per cent of its shares in Caribbean Petrochemical Manufacturing Ltd (CPML) for sale.

In an advertisement on its website https://www.cpmlsale.com, and in press advertisements, CPML, located in the Pt Lisas Industrial Estate, said the deadline for bids is April 7, in accordance with the bidding process.

“In order to access detailed information about CPML and the bid process pertaining to its sale, please click the link, upon which you will be requested to provide your registration details (all items in the form are to be completed) and sign a non-disclosure agreement," the company advised.

“Once that agreement is signed you will be provided within 48 hours login details to access the data room, which contains company data and details of the bid process.”

It also noted that is a “highly profitable, US dollar generating manufacturing company” which specialises in producing liquid and powdered resins, local and commercial adhesives and urea formaldehyde concentrate (UFC85). It added that its markets were far-reaching in territories such as Central America, the Caribbean, Europe, North America, Africa and Asia.

This is the second entity that CL Financial has put on the market for sale in one week, the other was the sale of its 92.24 per cent of shareholdings in Colonial Fire and General Insurance Company (CFGIC), also known as Colfire. CL Financial's assets are under the control of a liquidator. The state is seeking to recover billions of dollars from a bailout granted to the conglomerate in 2009.

The petrochemical sector at has been hit hard in recent years with closures and shuttering of several plants due to economic hardships which were further exacerbated by the covid19 pandemic.

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"CL Financial puts second firm, a petrochemical company, up for sale"

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