The Gleaner website reported last November 23, 2016 that joint venture partners Pan-Jamaican Investment Trust and Jamaica Producers Group sold the coffee operation to Specialty Coffee Investments Company Limited (SCI) without disclosing the terms of the transaction.
What effect this event brought to our Jamaican Blue Mountain Coffee Retailer friends? Well, lets wait and see. Meanwhile, as I was saying, The Gleaner's report on Mavis Bank Coffee Factory sale was at a very high price of $1.3 billion, according to financial reports released.
Jamaica Producers in their third quarter report, booked a gain of just under $650 million from the sale, while Pan-Jam made a slightly bigger gain of $665 million - totalling $1.315 billion between them.
Back in September, Jamaica Producers CEO Jeffrey Hall said the partners paid the Jamaican government $243 million in total to acquire Mavis Bank in 2011.
To read the full report, you can go to The Gleaner Website.
We hope that our Jamaican Blue Mountain Coffee Retailer friends will also benefit from this event.
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