Cargo Handlers acquires 30% stake in Jamaican cement importer

Cargo Handlers Ltd has acquired a 30 per cent stake in Buying House Cement Ltd, a cement importer based in Montego Bay that mostly supplies western Jamaica.

Dominican Republic-based Domicem will continue to own 70 per cent of Buying House. According to CHL Chairman Mark Hart, the cement importer holds about 10 per cent of the local cement market that is dominated by Caribbean Cement Co. 

Mr Hart said the deal for the Buying House stake was recently completed and will take effect on 1 January 2021. CHL, which operates wharfing and stevedoring services in Montego Bay, bought the stake held by American company International Materials, or IMI, which decided to exit the business.