The Development Bank of Jamaica announced that the government-owned Wallenford Coffee Co. has been sold to AIC International Investments Ltd. (AIIL) which is owned by Michael Lee Chin for US$39.5 million. The purchase entails a cash payment of US$16 million to the Jamaican government with AIIL to invest an additional US$23.5 million into the development and expansion of Wallenford over the next four years. AIIL has assumed control of the struggling Wallenford on September 11th and the deal is expected to close within the next six months. Two hundred and fifty year old Wallenford is Jamaica’s oldest and largest coffee estate and processor of green beans from the Blue Mountain and high mountain regions with 5,000 acres of coffee land and the capacity to process over 9 million pounds of coffee in its facilities. AIIL plans to improve the quality of Wallenford beans, diversify product offerings, expand markets, upgrade buildings and facilities, increase acreage, and expand extension services to farmers.
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