CARIBBEAN Producers Jamaica (CPJ) bought all the shares in a subsidiary which will hold its joint venture activities in St Lucia.
“CPJ St Lucia will begin its food service operations by the first-quarter of the next fiscal year,” according to financials released to the Jamaica Stock Exchange this week.
CPJ executives Mark Hart and Tom Tyler were out of office when contacted.
“During the period the company acquired 100 per cent interest in a subsidiary called CPJ Investments Ltd which owns 51 per cent interest in CPJ St Lucia. Both companies are incorporated in St Lucia,” stated CPJ in its financials.
Concurrently, the company earned US$1.1-million net profit for its March third-quarter or 12 per cent less than year earlier levels. The reduction was due in part to the “losses incurred in the operations of the joint venture Caribbean Egg Processors and increased operating costs”.
Published in the Jamaica Observer
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