Ansa McAl now shareholder of Bahamian Brewery and Beverage Co Ltd

Ansa McAl Ltd confirmed its acquisition of its shares in the Bahamian Brewery and Beverage Co Ltd (BBBCL) on July 7 after entering a definitive share purchase agreement in which it acquired a minority interest last November.

A release from Ansa McAl said it completed the acquisition of a minority interest in the issued and allotted ordinary share capital of BBBCL after shareholders of BBBCL entered into a shareholders’ agreement with Ansa McAl and consented to the acquisition, pursuant to the share purchase agreement executed last year.

Ansa McAl said it is now a proud shareholder of this company which distributes, retails and brews beers and produces non-alcoholic beverages.

Last April, Ansa McAl received final regulatory approval from the Central Bank of the Bahamas to proceed with the acquisition of an equity interest in BBBCL when all regulatory approvals were obtained.

It should be noted that Carib Brewery falls under this regional conglomerate and has expanded in the region with breweries based in the US, Grenada and St Kitts and Nevis over the years.

This new acquisition is part of Ansa McAl's drive for expansion.

Ansa McAl's unaudited financial results for the first quarter of 2023 ending in March showed there was a ten per cent increase compared to the same period last year and is now above pre-pandemic levels – ($1.5 billion compared to $1.4 billion). Profit before tax grew by 102 per cent – $160 million compared to $79 million – while its earnings per share increased by 171 per cent or 59 cents compared to 22 cents.

The chairman, Anthony Sabga, in his statement said, "Having considerably increased capital expenditure by 49 per cent ($143 million compared to $96 million) total assets increased by two per cent ($17.8 billion compared to $17.5 billion). The group continues to have low gearing at 7.7 per cent as compared to 8.2 per cent in the prior year."

He added that during the quarter, over $300 million was expended to close the Colonial Fire Insurance Co Ltd (Colfire) acquisition – this happened last November after the Central Bank granted approval to Ansa Merchant Bank to become a controlling shareholder of Colfire in October that year.

The free cash flows are still expected to accelerate as stored up inventory of finished goods and raw materials deplete with increased market activity.

There were also some highlights for this quarter which include some improvement in the investment portfolios within its banking and insurance sector. While in the automotive business there was a marked increase in sales with the supply of units becoming more consistent. It said, in addition to this, its new chlorine hub in Jamaica performed well and maintained profitability throughout the quarter.

In this first quarter, the group was also acknowledged for excellence in governance by the European Business Chamber in TT during its inaugural sustainability champion awards.

Sabga said, in his statement, the group's goal of doubling its performance by 2027 is unwavering as Ansa McAl is focused on delivering value for all stakeholders.