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Local News>Singh remains head of Courts Jamaica |
Hayden Singh will remain as head of Courts Jamaica Limited, reliable sources tell the Financial Gleaner, as the furniture maker began its exit from the stock market.
Courts executive Dennis Harris, newly appointed as regional finance director for the Caribbean, yesterday confirmed that Singh remained the boss, and that "the structure is exactly the same".
Courts Jamaica, an $8-billion company measured by total assets, was acquired by the Simans family last month from administrators of the bankrupt Courts Plc, and up to this week had secured 98 per cent of the shares, as compulsory acquisitions of the other minority stakes proceed.
Trading in the stock was suspended on the Jamaica Stock Exchange on Wednesday at the buying price of $4.25 paid by Cobalt oldings, the wholly-owned subsidiary of Regal Holdings that was set up to complete the takeover.
$6B ANNUAL SALES
The company will continue to trade under the Courts brand, whose 22-store
network turns over more than $6 billion in sales annually.
Cobalt had also signalled in its takeover bid that it would have retained the current local management team, but who would be answerable to "a corporate regional executive team" that would be responsible for implementing a regional strategy and business plan.
The head of that corporate team is Mario Guerrero, who effectively heads up Cobalt, said Harris.
Singh, who has been managing director for about seven years, succeeding Richard Coe, has about four years to retirement. What was not immediately clear was whether he would remain as the furniture company head for the four years.
At balance sheet date to March 2006, the company had a slightly expanded hire purchase portfolio of $2 billion, representing a quarter of all assets. Its debts were minimal, with current assets covering current liabilities six-fold.
The Simans now have four representatives on the board - Mario Siman, Guillermo Siman, Javier Siman and Rodolfo Siman, who were appointed December 20, 2006, replacing Stuart Miller, Keith Fredricks and Roy Collister, as was stipulated in the agreement for the takeover.
Courts' profit performance was flat in March 2005, dipping by a marginal $3 million, and barely grew by about four per cent to March 2006 to $895 million.
Its performance has remained flat in the current period, with net income of $384 million over six months to October 2006 compared to the year prior period's $383 million.
business@gleanerjm.com