GK to Sell 58.1% Stake in H&L for $18.50 per share

On June 16, 2015 GraceKennedy Group CEO Don Wehby announced that it has entered into the previously reported conditional agreement for the sale of GraceKennedy`s 58.1% shareholdings in Hardware & Lumber Limited (HL) with Greystone Equity Partners Inc. and/or nominee and who has nominated Argyle Industries (Jamaica) Limited as its nominee. The transaction terms include a maximum price of J$18.50 per ordinary share with the agreement subject to conditions and with completion anticipated by the end of July. Mr. Wehby reminded that the agreement is conditional and stated that "GraceKennedy is looking forward to the conclusion of the transaction in a timely manner and will communicate further as soon as it is finalized." He reiterated that GraceKennedy`s decision to sell its shares in HL was a strategic one, having regard to its core strategy of expansion in the foods and financial services sectors.