February 1999 Table
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Current Issue of The Abaco Journal
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ABACO MARKETS ACQUISITION
Marsh Harbour-based Abaco Markets Ltd recently acquired Thompson Wholesale of Freeport,
Grand Bahama. Control of the property was assumed on 8th January. The move will create
the largest Family Island wholesale distributorship in the nation's history and the company expects to lower prices on consumer goods on several Family Islands by
boosting purchasing power. The reported price of the acquisition is $4 million in
cash and an additional $900,000 in shares contingent upon 1999 earnings.
Since its initial public offering in 1997, Abaco Markets shares rose from $5.25 to
its present $8.30 value. The company is the first Family Island non-utility company
to go public. In October 1998, Abaco Markets reported a 44% increase in sales revenue
from $12.5 million in 1997 to $17.9 million for the 40-week period ending 22nd August
1998. Part of the increase was the result of the company's acquisition of Solomon's
The company's management say they are confident the acquisition of Thompson Wholesale
will further increase share value. Thompson Wholesale, a ten-year-old company, reported
$9 million in sales in 1997, and its founder, Joseph Thompson, will stay on as managing director.
Abaco Markets Chairman Craig Symonette said Thompson Wholesale's strong management
team, sound reputation and high staff morale mirrored the mission statement of Abaco
Markets and made it a suitable partner. "We will continue to look for and evaluate
such promising business opportunities in our mandate to achieve sustainable corporate growth
for the benefit of all our shareholders," Mr Symonette said.
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