Kingston Wharves Limited (KWL) today announced its purchase of 27% of Cargo Handlers Limited (CHL). The block purchase was of shares owned by Mrs. Jane Fray who was a founding partner of CHL, along with Mr. Tony Hart and the Hart family who remain major shareholders in the company.
CHL has for over forty-years specialized in stevedoring bulk, break bulk, construction inputs and containerized cargo as well as baggage handling and provisioning for cruise vessels at the Port of Montego Bay. CHL also holds strategic investments in logistics and distribution interests that use the cargo handling services of the Port of Montego Bay.
Chairman of Cargo Handlers Limited, Mark Hart commented: “CHL and its principals have a long history of partnerships that support the development of the Port of Montego Bay. We are optimistic that our relationship with KWL will be no different. We have invited representatives of KWL to join our board and to participate in the governance and ongoing strategic development of CHL.” Mr. Hart indicated that the sale of shares by Mrs. Fray formed part of an orderly and planned succession in which the founding shareholders and directors agreed that on their retirement, they would cooperate to identify partners and successors with the interest and capacity to continue to develop the enterprise.
According to KWL CEO Mark Williams: “KWL has taken note of the bold spirit of enterprise and development that defines Montego Bay. The development of tourism on the North Coast and the pioneering moves in the BPO sector were centered in Montego Bay and have served as key economic engines for all of Jamaica. KWL has long been convinced that there will be an equally important role for Montego Bay in Jamaica’s logistics sector.”
KWL is recognized as a leading multipurpose terminal and logistics services operator in the Caribbean. It operates a 1.7km continuous quay with nine deep water berths and on-dock open storage handling a range of automotive, containerized, bulk and breakbulk cargo. KWL operates an extensive fleet of mobile harbour cranes, reach stackers, reefer plugs, bomb carts and terminal tractors as well as over 400,000 square feet of chilled and ambient warehousing, including a modern full service container freight station.
CHL was founded in 1981 in Montego Bay, Jamaica and has continuously operated as a significant employer and stevedore in the Port of Montego Bay since its inception. CHL has been listed on the Jamaica Stock Exchange since 2010.
Mr. Hart added: “One of our enduring partnerships supporting the development of the port of Montego Bay has been with agri-business interests linked to Jamaica Producers Group Limited (JP) and Mr. Charles Johnston. We recognise that JP has strong connections with KWL, and this adds to our confidence in the transaction and the prospects for working together.”
Jeffrey Hall, Chairman of Kingston Wharves has agreed to immediately join the board of CHL and is expected to be followed in due course by other representatives of KWL. Mr. Hall commented: “Kingston Wharves, like CHL, operates within the special context of a public wharf. We have in common a duty to timely customer service, capital investment, labour, teamwork and skill-building as well as entrepreneurship in the interest of national development. We are truly excited about the opportunity to work together to serve Jamaica’s wider maritime community.”
