After receiving final regulatory approval from The Central Bank of The Bahamas on April 21, 2023 to purchase a minority stake in Bahamian Brewery and Beverage Company Limited (BBBCL), Trinidad and Tobago conglomerate ANSA McAL has announced the completion of its acquisition of shares in the Bahamian-owned company.

In a communication, dated Wednesday, July 12, on the Trinidad and Tobago Stock Exchange's website, ANSA McAL stated, "We confirm that with effect from 7th July 2023, ANSA McAL Limited completed the acquisition of a minority interest in the issued and allotted ordinary share capital of BBBCL. The shareholders of BBBCL entered into a shareholders' agreement with ANSA McAL consenting to the acquisition, pursuant to the share purchase agreement executed on 14th November 2022.

"ANSA McAL is now a proud shareholder of BBBCL, a Bahamian company which distributes, retails and brews beers, and produces non-alcoholic beverages."

Bahamian Brewery declined to provide a response on the matter when contacted by Guardian Business yesterday.

One of Trinidad and Tobago's largest publicly traded conglomerates, ANSA McAL is the parent company of Carib Brewery.

According to an online news report from Trinidad & Tobago's Guardian, "The purchase of the minority interest in the Bahamas company is ANSA McAL's second completed acquisition in 2023. The group acquired 100 percent of the total issued and outstanding shares in Colonial Fire & General Insurance Limited (Colfire) through its subsidiary Trinidad and Tobago Insurance Ltd (TATIL). The group said it took operating control of Colfire on February 7, 2023, and has provisionally accounted for the acquisition."

Bahamian Brewery, which opened its doors in 2007, produces nine different brands: Sands, Sands Light, Sands Pink Grapefruit Radler, Sands Passion/Guava Radler, High Rock Lager, Strong Back Stout, Sixty Six Steps Ale, Bush Crack Malt Beer, and Triple B Malt non-alcoholic, and distributes several global brands throughout The Bahamas.

The brewery suffered $8 million to $10 million in damage from Hurricane Dorian in 2019, and sustained major water damage as storm surge impacted its entire operation, destroying equipment.

As of 2019, about 50 percent of the company's revenue came from the brewery operations.

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