ANSA MCAL looking to strengthen position in market
Friday June 03 2011 | 06:29 AM

Trinidad group ANSA McAL is moving to gain a stronger foothold in the Barbados market after spending more than $64 million to get near total ownership of its company on the island.

Officials of the regional conglomerate, which has just reported $300.4 million in profit - an increase of $29.2 million, at a time when other regional competitors have been reporting losses or declining profits - have announced a change at the helm of its Barbados team, and signalled its intention to consolidate its position in the automobile sales market, including the sale of luxury brand BMW.

In October last year ANSA McAL, through related entity AMCL Holdings Limited, spent $33.5 million to purchase 2.8 million shares owned by Sagicor, pushing its 47.50 per cent shareholding to a dominant 70.90 per cent by the end of last year.

And then in January, in a comparatively low profile $30.8 million purchase of more than 2.6 million shares owned by others, ANSA increased its control even further.

Now, on the back of the recent announcement of a profitable 2010, its management is banking on the Barbados market contributing to even greater profitability.

Chairman and Chief Executive, A. Norman Sabga, said having acquired "the remaining outstanding shares of ANSA McAL Barbados Limited" he expected "to acquire 100 per cent by the second quarter of 2011".

"The automotive sector in Trinidad and Tobago and Barbados expanded the luxury segment of this portfolio with the acquisition of the prestigious MW and MINI brands, which should generate substantial new business in 2011," he noted.

Group Chief Operating Officer Gerry Brooks also announced that ANSA McAL Barbados President David Inglefield was being replaced by Nicholas Mouttet, who had been promoted to head the company here. Inglefield is taking up the position of Sector Head Media & Services at ANSA McAL.

Like Sabga, Brooks said the company would be looking to grow its market share in the luxury car market and overall automobile sector in 2011.

"The BMW luxury brand was secured, which adds further prestige to our portfolio and compliments our other brands in the luxury segment. Prospectively, focus will be on enhancing the service and the client experience for this brand and the entire Group portfolio," he said.

"Market acceptance of our unique 'In One' concept continues to be very robust, both in Trinidad and Tobago and in Barbados. This philosophy combines auto purchase, auto finance and auto insurance into one customer friendly, convenient, cost effective engagement. It continues to resonate extremely well with customers," he added.

Group Finance Director Aneal Maharaj said his organisation saw the ANSA McAL Barbados Limited move as strategic and that it "underpins our confidence in Barbados as a territory and this acquisition will further strengthen the group's earning".