Jamaica Broilers Group, JBG, expects to write off about $900 million in the wake of its exit from Haiti.
The closure of the businesses, Haiti Broilers SA and its subsidiary T&S Rice SA, which dealt in the production and sale of chickens, layer pullers, table eggs and animal feeds, took effect on October 29, and comes after the poultry producer had racked up some three of years of losses in the French-speaking country. Jamaica Broilers’ departure comes after a dozen years, having operated there since 2010. It employed around 500 people there at its peak.
The $900-million impairment of the investment in Haiti Broilers “represents the net assets which are held by JBG,” the company said in a market filing.