ANSA McAL chairman Norman Sabga says acquiring Berger Paints cost “a few million dollars” and that it was probably the most complicated deal his group has ever done.
But Sabga said he expects that ANSA McAL’s purchase of Berger, for a so far undisclosed amount, will start to generate returns for the Port-of-Spain-based conglomerate as early as its next reporting year.
Sabga made the limited disclosure August 10 while addressing stockbrokers and journalists gathered in the ANSA McAL board room, TATIL building, Maraval Road, Port of Spain, for the first time since the group announced it acquired the London-based parent company of Berger Paints Caribbean. The meeting with stockbrokers was called to release the half-year results of the group, which saw a 13 per cent decline in after-tax profit to $307 million.
ANSA McAL has not yet disclosed the price it paid for the majority shares in London-based Lewis Berger Overseas Holdings (LBOH). However, around the time ANSA McAL first announced the acquisition on June 16, Berger Paints Jamaica Limited was trading on the Jamaica Stock Exchange (JSE) for about JA$18 per share with 214,322,393 shares on the market. On the T&T Stock Exchange (TTSE), the share was selling for about $4.05 each with 5,161,444 issued share capital.