National Rums of Jamaica, Ltd., Kingston

History

The Government of Jamaica is pleased to announce the restructuring of the State-Owned National Rums of Jamaica Ltd., (NRJ) the holding company of Clarendon Distillers Ltd., Long Pond Distillers Ltd. and Innswood Distillery Ltd. (collectively the NRJ Group).

Under agreements signed with Demerara Distillers Ltd. of Guyana, The West Indies Rum Distillery Ltd. (a subsidiary of Goddard Enterprises Ltd. of Barbados) and DIAGEO North America Inc. (a subsidiary of Diageo PLC the World's largest Spirit Company), the three investors will bring new equity investments totaling U.S.$5.368 million to the NRJ Group.

With the injection of this new capital, Demerara Distillers Ltd., The West Indies Rum Distillery Ltd. and the State-Owned National Sugar Company Ltd. will each own 33.3 per cent of the shares in NRJ.

NRJ will hold 73 per cent of the shares in Clarendon Distillers Ltd. at Monymusk with 27 per cent held by Diageo North America Inc., through its subsidiary Trelawny Estates Ltd. Long Pond Distillers Ltd. and Inswood Distillery Ltd. will continue to be wholly-owned subsidiaries of NRJ.

This new investment capital along with funding from the European Union's Integrated Development Programme for the Caribbean rum sector will be utilised to finance a major modernisation and expansion programme of the NRJ Group. NRJ, which is a leading supplier of Jamaican bulk rum, is also looking to develop a brand portfolio in order to facilitate its entry into the value-added market.

The board of directors of NRJ will be restructured to include representatives of the new investors and we wish to record our thanks to the long standing outgoing chairman Mr. Howard Hamilton who has kindly consented to remain on the board. Mr. Evon Brown will also continue as group CEO and a director of NRJ and its subsidiaries.