Announcement of IFC invests in Jamaica Premix Limited in Jamaica on August 15, 1961

PRESS RELEASE NO. 57 S.tJBJECT : IFC invests in Jamaica Pre~µ Ltd. FOR RELFASE . in Jamaica ,. A. M. Newspapers Tuesday, August 15, 1961 The International Finance Corporation (IFC) announced today a commitment to invest u;s. $224.,ooo in Jamaica ?Pe-Mix Ltd • ., of Kingston, Jamaica, to finance 0 expansion of production and deltvery of ready mixed concrete from 20,000 to about 60,000 cubic yards per year. In additi.on, the company is acquiring a plant to process its own sand and gravel. Jamaica Pre-Mix, the Caribbean island2s only producer of pre-mix~,d concrete., ~ ~ began operations in April of' 1959, and has been operating at near capacity ever since. Total cost of the expansion is est.imated at $250.000., of which $2241 000 1r;i.ll be supplied by the IFC investment. The IFC investment will be in unsecured dollar notes bearing 7% interest payable in dollars and maturing between 1966 and 1971. · IFC will also receive additional interest in Jamaican pounds related to profits. IFC•s commitmgnt is subject to completion of the necessary legal requirements. ··,,·