Sunday 13 June 2021

Nicaragua’s Pellas Buys Major Stake of TicoFrut

ticofrut

The Nicaraguan conglomerate Grupo Pellas is said to have acquired 60% of the shares of Costa Rica’s TicoFrut, in a transaction that took place a few weeks ago, according to the El Financiero source in the agricultural sector.

Just last week the Comisión para Promover la Competencia (Coprocom) received a report of a transaction for the planting of oranges.

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According to Germán Jiménez, director Coprocom, an entity of the Ministerio de Economía (Ministry of the Economy), a request was made by Pelmo Investments SA for the purchase of a majority stake in Rivara Holdinsa SA, operating as TicoFrut.

Details of the transaction are expected today, July 30, said Carlos Odio, TicoFrut’s general manager.

Coprocom has ten days from being notified to request additional information and 30 days to approve or deny the merger,

Since last year, companies with assets of more than US$15 million dollars must report any changes in shares to the Ministerio de Economía.

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TicoFrut is a Costa Rican company, founded in 1988, involved in orange and pineapple processing, located in Aguas Zarcas, in San Carlos, Alajuela, an area known for a growing agro-industrial production of juices and other food products.

Grupo Pellas with a presence in the U.S., Caribbean and Central America has interests in agro-energy, computer software and distribution, production and sale of liquor, automobile marketing, real estate, banking and financing and telecommunications, among others.

Source: El Financiero

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FACT CHECK:
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"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

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