Kingston, Jamaica – GraceKennedy Group CEO Don Wehby has announced the planned divestment of its Hardware & Lumber (H&L) subsidiary inclusive of the Rapid True Value and Agro Grace businesses. The decision is a strategic one in keeping with GraceKennedy’s goal of expansion in foods and financial services in Jamaica and internationally.
The Company has confirmed that on 22 April 2015, it entered into a conditional agreement for the sale of its 58.1% shareholdings in Hardware & Lumber Limited (H&L) which is reported under the Retail & Trading operating segment. Given confidentiality agreements no further details can be provided pending finalization of the transaction. Mr Wehby added that while no assurance can be given, it is anticipated that the sale should be concluded within the current financial year.
H&L currently comprises two separate divisions – Rapid True Value — the foremost local supplier of hardware and home improvement products, and the Agro Grace business —local wholesaler and retailer of agricultural products. The H&L Wholesale operations have now been merged into the Rapid True Value business.
There are currently 10 Rapid True Value outlets across Jamaica, along with five Agro Grace Retail Centres. The company is headquartered at 697 Spanish Town Road in Kingston.
GraceKennedy currently owns 58.1% shareholdings in the company.