Home' Trinidad and Tobago Guardian : May 23rd 2013 Contents A21
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Ansa Merchant Bank made an
after tax profit $149.6 million last
year. For that period, the before tax
profit was $189.8 million, Gregory
Hill, managing director, announced
at the 35th annual meeting of
shareholders at the Ansa McAL
Board Room, Tatil Building, Mar-
aval Road, Port-of-Spain.
Ansa Merchant Bank includes
T&T Insurance Limited (Tatil) and
Tatil Life Limited and other financial
Hill said despite the sluggish local
and international climate, the bank
managed to do well.
"While economic conditions may
not be ideal in T&T, regionally or
globally, our share of business has
been growing and all of our credit
lines have grown. We are confident
that 2013 will be a very good year
for us," he said.
"Our assets on our portfolio have
crossed $1 billion, so while some
financial institutions may see con-
tractions based on their size, our
share of the business activity has
been growing. This means that we
are creating products that add value
to our customers and they keep
coming back to us." Hill said Ansa
Merchant Bank is acquiring Barba-
dos Consolidated Finance Company
"They are one of the largest play-
ers in that market and it is doing
very well. Ansa McAL has been in
Barbados many years and this is just
an extension of our products," he
said. In the ANSA Merchant Bank
Annual Report, chairman Dr Antho-
ny Sabga said: "Overall we reflected
a less than ideal performance in
2012 largely due to our conservative
provisioning stance on our invest-
ment and lending assets.
However, we were still able to cre-
ate value for our customers and
shareholders despite the backdrop
of a sluggish economic climate.
We are satisfied that our perform-
ance in 2012 will set the stage for
continued sustainability and an
upward growth trajectory in 2013
Consolidated Earnings Per Share
(EPS) for 2012 was $1.75, 20 per cent
less that 2011.
Based on those results the board
approved payment of a final dividend
of $0.70 per ordinary share, making
the total dividend $0.80 in line with
thew prior year.
The dividend will be paid out
Ansa Merchant makes
$149m after tax profit The Tobago House of Assembly
(THA) will deliver budget estimates
for the fiscal year 2013 -- 2014 next
month, Chief Secretary Orville Lon-
don announced yesterday.
London told post Executive Coun-
cil News Conference that in keeping
with statutory requirements a special
sitting will be held on June 24 to
present the budgetary estimates,
while debate will commence on June
27.It will be the first budget presen-
tation by new THA Secretary of
Finance Joel Jack who has been hold-
ing consultations with stakeholders
on the island in recent weeks.
London said: "The Secretary of
Finance has indicated that there
would be consultations with various
interest groups and various sectors
of the Tobago society in late May
and early June, among the sectors
are the Tobago Chamber of Com-
merce, churches, trade unions, credit
unions, youth organisations, com-
munity groups and non-government
In 2012 the THA presented a $4.3
billion budget, but was only allocated
$3 billion for that fiscal year.
Day set for
Ansa Merchant Bank managing director Gregory N. Hill, left, Gerry Brooks,
Group Chief Operating Officer of Ansa McAL Limited and Anthony N.
Sabga, chairman of Ansa McAL, speak after Ansa Merchant Bank's 35th
annual meeting of shareholders yesterday.
PHOTO: KEARRA GOPEE
Two Angostura directors have joined
the board of Paragon Vintners, an
English spirits distributor that is the
local rum producer's sister and which
has been in the process of being wound
down for the last four years.
The Angostura directors are Marlon
Holder, the CEO of CL Financial, and
Robert Ramchand, who represents the
group's shareholders on the CLF board.
Holder and Ramchand joined the
board of Paragon Vintners, which was
purchased by CLF in 2004, last week.
According to the UK company's
registry entry: "In 2009, the group took
the decision to exit wine distribution in
the UK market, and this resulted in the
wind down and the company's cessation
of trade during 2009." The company had
no employees in 2010 and 2011 and the
directors of the company received no
remuneration in those years.
Paragon's parent company is CL World
Brands, the Scottish firm that will
receive US$146.2 million for April's sale
of 71 per cent of Scottish whiskey
producer, Burn Stewart, to South African
spirits company, Distell.
The chairman of CL World Brands is
Andrew Mitchell, the English QC who
represents the interests of former CLF
executive chairman, Lawrence Duprey.
Angostura directors join English board
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