Kingston Wharves Limited (KWL) has announced the acquisition of 112.9 million stock units in Cargo Handlers, representing a 27 per cent stake in the company.
The transaction was disclosed to the Jamaica Stock Exchange on Monday.
KWL says the acquisition was made for investment purposes, citing the strong growth prospects in the logistics sector and the continued development of Jamaica's North Coast.
The company noted that Cargo Handlers is well-positioned to benefit from these national trends and emphasizsed its intention to work collaboratively with CHL's board, management, and stakeholders.
KWL, already recognized as a leading multi-purpose terminal and logistics operator in the Caribbean, disclosed that it has also been granted an option to acquire an additional 13 per cent of Cargo Handlers shares.
But Kingston Wharves says it does not currently intend to pursue majority control or significantly alter its stake in the short term.
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