Jamaican Teas Ltd. (JAMT) Sells Bell Road Factory

• Jamaican Teas Limited announced that it entered into an agreement on 12 Mar 2024 to sell its Bell Road tea factory to a third party purchaser.  
• Completion of the sale will take place in April 2024 and Jamaican Teas will continue to occupy the premises until August 2024, by which date its tea packing operations will relocate to the Group’s premises in Temple Hall, St. Andrew. The Temple Hall property comprises some 60,000 square feet of factory buildings on about three acres of land.
• The factory expansion will allow the company to focus even more on exports, while concurrently addressing demand in its home market. With this expansion, the company expects its distributors to deepen their market penetration by expanding the customer base and the number of locations, especially in the United States.
• JAMT’s stock price has decreased by 5.9% since the start of the calendar year, closing Wednesday’s trading session at $2.37. At this price, the stock currently trades at a P/E of 21.55x earnings, which is roughly in line with the Junior Market Manufacturing Sector Average of 21.57x.

(Sources: JSE and NCBCM Research)