Banks Holdings Wants Out Of CPBL

The Barbadian company called Banks Holdings owns 46% of Citrus Products of Belize Limited and 7News has confirmed that they want to sell. Speaking off camera to Jules Vasquez in Bridgetown, Barbados earlier this week, Chairman Anthony King said that their holding in CPBL is the only losing investment in the Banks Holdings corporate portfolio. He confirmed that they are looking for a buyer for their shares, but conceded that it would not be easy to find one. And that's because CPBL has been going through tough times - only four million boxes of product were processed last year, compared to eight million boxes at the high water mark. Banks bought its shares nine years ago for 12.5 million US dollars - and informed observers say while they would want to sell, it's not at any price: they would want to make at least a 50% profit on their initial investment. But while CPBL is in a negative cash flow position, posting losses, and its shareholders aren't seeing any dividends, it's a buyers market apparently because 7News ahs learned that there are expressions of interest form foreign investors who may want to purchase controlling interests in the company.