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Deal Signed to Expand Cuba Business

[ November 9, 2015   //   ]

London listed Leni Gas Cuba Limited, the Cuban specialist investment company, has announced that it has signed a binding agreement with Cuban centric trading company Groombridge Trading Corporation (GTC) to form a new unincorporated 50/50 joint venture designed to expand GTC’s existing business of supplying products, machinery and equipment to the fast growing Cuban tourism sector and exporting agricultural products from Cuba.
GTC, established in 2013, is a Canadian registered company that is approved to trade in Cuba by the Cuban Ministry of Foreign Trade and Investment and the Ministry of Agriculture and is further authorized to trade with other Cuban Government entities.
he new LGC/GTC Joint Venture will assist GTC with its existing order book of imports for the hotels and tourism sector and will become a financial partner in new business moving forward. The JV will have an exclusive, first right of refusal to participate on a deal by deal 50:50 basis in any current and new transactions originated and operated by GTC. In addition to growing GTC’s current trading activities, the new Joint Venture will also work with GTC to develop a number of agricultural projects and initiatives currently under negotiation in country and assist with new export orders of agricultural products to Europe and Canada.
GTC’s President Christopher Murphy has considerable experience doing business in Cuba and has an extensive network of contacts and relationships in Country. He started doing business in Cuba in 1991, when he established and grew the sugar business of E D & F Man.
David Lenigas, the Company’s Executive Chairman, commented from Havana: “Groombridge Trading has relationships with some of the largest enterprises in Cuba and has a sound pipeline of imports on their order book mainly focused at present on importing equipment from Europe, Asia and South America, for the burgeoning hotel sector in Cuba and the new Joint Venture will use LGC’s contacts and balance sheet to significantly grow GTC’s existing business and investigate new lines of import and export trading in a country that imports the majority of what it consumes.”

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