Derrimon Trading says 2020 was a stable year for the company despite the challenges presented by the coronavirus (COVID-19) pandemic.
In comments attached to the company’s annual financial statements, Derrimon’s chairman, Derrick Cotterell, stated that the group experienced an increase in both revenue and profitability from its subsidiaries Woodcats and Caribbean Flavours and Fragrances in addition to several portfolios within the distribution segment.
“The consolidated group and the company’s financial performance were stable during this reporting period” he stated.
Listed on the Junior Market of the Jamaica Stock Exchange, Derrimon Trading is a distributor of dry and frozen bulk commodities.
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Accordingly, an additional 301,301,069 in new ordinary shares will be made available in the invitation.
Moreover, with the invitation already oversubscribed, Derrimon will not seek an extension to the closing date or time of January 26, 2021.
Derimon’s APO opened on January 6, 2020, making available new shares in the capital of the company, and aiming to raise about $3.5 billion to fund acquisitions and general investment in its operations.
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A total of $1.1 billion of the amount is expected to assist with the acquisition of two US-based food companies.
Earlier this month, Derrimon announced that it had entered into a definitive agreement to acquire control of Brooklyn-based operations FoodSaver New York, Inc. (FoodSaver NY), a wholesale food distributor and Good Food For Less, LLC (Good Food NY), a specialty supermarket.