Massy Holdings Limited has purchased 100 percent shares of Jamaican gas company IGL Limited in a deal worth US$140.3 million which is equivalent to $21.5 billion.
At the moment the deal is being overviewed by the Fair Trading Commission to ensure that it complies with all its laws.
If this deal goes through it will give Massy Group, an investment holding company based in Trinidad & Tobago further control of the Jamaican gas market which they have entered since 2006 with their GasPro brand.
IGL Limited has been in the Jamaican market for approximately 60 years as a lead distributor of cooking gas under the IGL brand.
According to a statement from Massy Group, this will allow the investment holding company to grow its assets by 7.3 percent and its profits by 7.1 percent. As for Massy’s year-end portfolio ending September 2022, their total assets are worth TT$12.6 billion which is approximately J$283 billion. The recorded profit during that time Is TT$858 million.
This deal now marks the second gas company Massy has acquired since November 28, when they made a deal with Air Liquide Trinidad, which is deemed to be worth US$51.5 million.
IGL in the meantime has been expanding operations and executing quite efficiently, they have been expanding into the medical-grade oxygen market which has been in high demand since the COVID-19 pandemic. Recently they commissioned a new Pressure Swing Absorption Oxygen Plant at Ferry, St. Catherine which is a project approximately valued J$100 million.
