Massy shells out US$244M on 3 acquisitions

US$57 million and IGL Jamaica, a liquified petroleum gas company, for US$140 million.

Since announcing its new expansion strategy, the Massy conglomerate has acquired three companies in the United States, Jamaica and Trinidad and Tobago.

This has been revealed by Robert Bermudez, chairman of the Port of Spainheadquartered group of companies in its published consolidated financial statements for the quarter ending December 31, 2022.

The Massy Group, which has significant holdings in Barbados and across the Caribbean, revealed it completed the buyout of Rowe’s IGA supermarkets in Jacksonville, Florida for US$47 million; Air Liquide’s operations in Trinidad for

Bermudez noted that the financing for the purchases came from a special fund the group established from the sale of non-core assets of the Massy Group including some in Barbados. The company currently has the iconic Dome building and mall at Warrens, St Michael up for sale.

According to the chairman: “With the start of the new financial year, we began to see some of the ef-

Armed bandits shoot...

This publication understands that Phillips had confronted the other bandits outside during which he was shot. Despite being injured, he gave chase after the suspects but collapsed on the road where his relatives subsequently found him with a gunshot wound to his chest.

The injured man was then rushed to the New Amsterdam Public Hospital, where he is currently being treated. His condition is listed as serious but stable.

The teenager explained that the bandits escaped with both cash and jewellery.

“My father had some big gold chain and a big gold band he buy for $200,000 and I don’t know the price for the silver band that he buy but it is two ounces of silver and he had about $200,000 in his wallet because he was going to do something for his birthday and the shop, the money that we sell from 6 –9:30, we dose normally keep it at the top. I don’t know is how much money,” the teenager said. He averaged the

FROM PAGE 11 money removed from the shop to be between $25,000 to $30,000.

Police responded in less than five minutes. All four bandits are said to have been armed with guns and were masked.

“And plus, they had on hoodie; only they eyes you could see. There was one of them, I don’t know if it was a man or a woman but they had on a skirt when they come,” the teen added.

No arrests have been made. Investigations are continuing. (G4) fects of the post-pandemic economic developments in the major countries in which we operate. All companies in Guyana reported significant profit before tax growth [28 per cent] from the first quarter of [financial year 2022] compared to the same period in [financial year 2023].”

The Massy operations in Guyana were described as very well positioned to benefit from that country’s oil exploration and production-led economy.

Massy in Barbados was also described as benefiting from the economic rebound the country is currently experiencing, with first quarter results showing “strong growth”.

According to Bermudez: “Like Barbados, Jamaica has seen a major rebound in its tourism industry in [the first quarter of 2023] and this has lifted volume sales and [profit before tax] in the gas products business, which drove the nine per cent before tax profit growth in Jamaica in the [first quar- ter of 2023].”

As the Massy Group celebrates its centenary, the chairman said the conglomerate’s leadership had learned many lessons along the way through its successes and mistakes, which have helped it to grow and shape the present company.

“We have seen that our approach of love and care, tapping into our Caribbean heart, with a disciplined focus on our three main port- folios, results in stronger engagement and leads to greater prosperity for all,” Bermudez told investors and other stakeholders.

Thanking past employees, management and current staff, he said the dedication and commitment of employees helped the company to survive the past 100 years and positioned it for growth for another 100.

(Barbados Today)

Guyanese folklorist Alan Fenty passes away

Fenty, who served as a public relations expert under the People’s National Congress Reform (PNCR), was well known for “The Cook Up Show” on local television. He was also a newspaper columnist and broadcaster.

On Saturday, the Guyana Press Association extended condolences to the family, especially his four daughters, friends and media colleagues.

Pilgrim further stated that the prison directorate remains confident that more officers will benefit from robust training programmes as the prison infrastructure continues to be developed.

Only a few months ago, 114 prison officers graduated from various courses they completed. The aim of the training is to ensure that the officers are exposed to not only institutional training but also training at the technical level.