Express Business Filler #1

MASSY Holdings Ltd is close to signing an agreement to sell its pre-stressed concrete manufacturer, Massy Pres-T-Con, to Tobago businessman and contractor, Allan Warner. The sale price is approximately $30 million, construction sources told the Trinidad Express yesterday.

The sale and purchase agreement will be for the assets and equipment of the company. Among the Pres-T-Con assets to be acquired by Warner include othe company’s 17-acre are manufacturing facility at O’Meara Arima and ancillary marine/dock services at its Sanctuary Harbour at Sea Lots.

Massy is expected to negotiate separation packages with all of Pres-T-Con’s workerforce.

According to a presentation on the group’s website, “Massy Pres-T-Con has manufactured and installed most of the precast/prestressed concrete products for the construction of bridges, docks, jetties, marinas, buildings and petrochemical industry structures within Trinidad and Tobago, and throughout the Caribbean and northeastern South America.”

But Massy’s 2020 annual report reveals that the manufacturing company was been hit hard by the impact of the Covid-19 pandemic.

“Massy Pres-T-Con Ltd. was adversely affected by low construction activity in Trinidad and Tobago, coupled with the temporary government mandated closure of the construction sector,” according to the annual report.

Construction sources also said Massy Pres-T-Con has been impacted by a decline in demand for its pre-stressed concrete piles, hollow core slabs and augered piles.

The Massy group has made an effort in the last two years to focus the company’s business on its main portfolios—integrated

retail, motors & machines and gas products.

Massy has been attempting to divest companies that do not fall into its three main portfolios. Last September, the T&T diversified holding company sold Massy Technologies (Trinidad) (with operations in T&T, Barbados, Jamaica, and Antigua & Barbuda) as well as Massy Technologies (Guyana) to Musson (Jamaica) Ltd for US$40 million.

That transaction contributed to the group’s after0-tax profit increasing by 21.2 per cent from to $743 million from $613 million, despite of the uncertainties and interruptions to business operations sustained during the financial year as a result of the Covid-19 pandemic.

Massy owns 86.1 per cent of Massy Pres-T-Con.


RESIDENTS of Silk Cotton Drive, Marabella, staged a protest yesterday morning outside NiQuan Energy Trinidad’s gas-to-liquids (GTL) Pointe-a-Pierre plant.

Frustrated and angry over what they deem as a disrespect by NiQuan, which has yet to meet with them following the explosion at the plant over a week ago to address their concerns, residents are now calling on the company to stop playing games and provide answers about their safety, as well as information on the investigation into the explosion.

The World Bank has disbursed US$20 million to support the government of St Vincent and the Grenadines’ response to the crisis posed by the La Soufrière volcano eruption.

A week after an early-morning explosion at NiQuan Energy Trinidad’s gas-to-liquids (GTL) Pointe-a-Pierre plant, residents of Silk Cotton Drive, Marabella, say they are yet to meet with any officials of the company.

Heritage Petroleum Company Ltd, the successor company to State oil company Petrotrin, says it has become aware of individuals and their organisations who are hosting false recruitment orientations and falsely promising employment at the company.

A farmer’s hut sat amidst neatly cultivated flat land under the Montserrat Hills in the Central Range.

On newly bulldozed former sugar cane State lands nearby in Milton, a rural village on the outskirts of Couva, stood a large, imposing sign announcing, “Site of Trinidad and Tobago’s First Parboil Rice Mill”.

The West Indian Tobacco Company Ltd (WITCO) is undertaking a rebranding exercise with a new logo.

The new logo, which was revealed to the public on Monday is blue and bears a white background with the words “WITCO a better tomorrow”.