Local October 2, 2015 | 12:05 pm

Leading Dominican brewery buys 40.7% stake of Barbados competitor

Santo Domingo.-Dominican Republic´s leading brewery (CND) on Wednesday announced the acquisition of a 40.7% stake in Banks HoldingsLimited, Barbados´ biggest beverage-maker.

In a statement theCND said the deal aims to materialize the CND´s strategy of becoming the Caribbean´sleading beverage company. “As a result of this acquisition and in accordancewith applicable law, CND will soon launch a public bid for the remaining sharesof Banks Holdings Limited.”

"Our goal is tocontinue growing and strengthening our presence in the Caribbean. Thistransaction reinforces our plans for international growth and allows us tocontinue to expand the distribution of Presidente (beer) to more places in theCaribbean," said CND president Franklin Leon.

The brewery´s majoritystake of 51% belongs to the beverage giant Ambev while local firm E. Leon Jimenesowns the remaining 49%.

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