Big Trade In CPJ Stock Transfers One-Tenth Of The Company

//, News//Big Trade In CPJ Stock Transfers One-Tenth Of The Company

A large trade of Caribbean Producers Jamaica (CPJ) shares, valued at $333 million and amounting to one-tenth of the company, was executed this week, making it the second-largest trade ever recorded for the stock over two years.

CPJ Chief Executive Officer Dr. David Lowe said Mayberry Investments Limited acted as the broker for the trade but declined to speak to the specifics of the transaction, other than to label it a sign of confidence in the company’s future direction.

The trade on Monday amounted to 111.5 million units, or 10 percent of the issued shares, was executed mostly as a block transaction. Only the Hart or Berry family-related entities hold sufficient shares to conduct that size trade, according to the Top 10 list of CPJ shareholders.

Another large trade of CPJ stock, 190.8 million units, was last executed in November 2015.

“I am aware of the trade and it was facilitated by our lead broker, Mayberry. But I wouldn’t be in a position to say … I cannot speak to the absolute way in which shareholders choose to hold their shares,” Lowe said.

CPJ’s major shareholders are Wave Trading, which holds 440 million units, or 40 percent followed by Sportswear Producers Limited at 248 million units or 22.5 percent. Both entities are chaired by Mark Hart, who is also CPJ’s executive chairman. Mayberry West Indies Limited, which is controlled by brothers Christopher Berry and Konrad Mark Berry, holds 225.6 million units, or 20.5 percent, of CPJ stock.

Caribbean Producers recently sold off some non-core assets and has been restructuring its operation, while expanding its meat-processing operations overseas.

The Montego Bay-based company’s third-quarter results recorded a 57 per cent rise in profit to US$930,000, off revenues of US$26.3 million. But the company’s year-to-date performance continues to lag. Over nine months ending March, profit has fallen 17 per cent to US$1.9 million off revenue of US$72.3 million.

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The Gleaner
Steven Jackson

By | 2017-11-21T13:01:59+00:00 June 16th, 2017|IPO, News|Comments Off on Big Trade In CPJ Stock Transfers One-Tenth Of The Company