The Italian-owned Campari Group made a ¤5M euro gain on the sale of its local-based Federated Pharmaceutical division to the Glen Christian-controlled Kirk Distributors Ltd, just released data indicates.
It forms part of efforts by the Campari Group, the parent company of J Wray & Nephew, to rid itself of non-core assets in Jamaica. The sale price of the company at US$14.4 million was previously known but not its gain on the sale.
“The sale of the business, whose net assets had already been classified as ‘assets available for sale’ at 31 December 2014, generated a capital gain of ¤ 5.0 million, which was classified as non-recurring income in the first quarter of 2015,” said Campari in its financials released this week.
Published in the Observer
Read Full Article →