CONFIRMED: GraceKennedy acquires majority shares in St. Lucian company

CMC/Jamaica Observer


KINGSTON, Jamaica, CMC
– The GraceKennedy Group is now the majority shareholder in St. Lucian company, EC Global Insurance Company Limited (EC Global), with the acquisition of an additional 50 per cent share which brings its shareholdings to 80 per cent.

GraceKennedy Financial Group Limited (GKFG) acquired the first 30 percent shareholding in 2004.

“In pursuing our vision of becoming a Global Consumer Group in Foods internationally, and in Financial Services regionally, we have been keeping a keen eye out for companies which can help us to achieve this goal,” said CEO, Courtney Campbell.

“We anticipate significant collaboration between EC Global and our other existing Insurance businesses and look forward to reaping the rewards of this investment,” he added.

EC Global is a licensed general insurance company in St. Lucia, previously owned jointly by GKFG and Eastern Caribbean Financial Holdings Limited (ECFH). ECFH will retain the remaining 20% and remain a partner in the business.

This is the second acquisition for the company since the start of the year.

In July, GraceKennedy entered into an agreement to purchase the operating assets and business (including its brand) of La Fe Foods Inc, the top Hispanic Brand in the frozen food category in Northeast USA.

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4 comments

  1. Well said LMP. Our millionaire aren't investing here hence there isn't no employment, no we're get foreign investors which creates job its a problem. As a country what do we really want.

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  2. Another cash outflow for St. Lucia. Whatever profits these companies make here go right back out for them to help build their countries. I am insured with them, so I think its about time I consider moving on to a company with local shareholders.

    When you think about it, St. Lucia is now almost owned by foreign companies. Super J, Brydens, M&C home depots and drugstores, peter & Co, and the list goes on. Creating employment is one thing, but the lion's share of the profits from these investments does not stay here to help us build our economy! E C global, I'm no longer a customer!

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    • Tell them, tell them to watch their bread. Hope everyone does the same & switches. It's time we Lucian's stand up against those who take from us and leave use dry. We not idiots you see.

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      • And we are asking foreigners to come invest in our country to provide employment. Some of you all are jokers. We live in a global environment. So why dont you chastise the St. Lucian millionaires who invest in stock markets abroad or bank with international banks?

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