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13th
October 2009
WINFRESH
LAUNCHED
STAN BISHOP
Last
Friday marked a major transformation point in
the manner in which a renowned regional banana
export company will be operating with immediate
effect.
WIBDECO (Windward Islands Banana Development
and Exporting Company) has now been re-branded
as Winfresh and the new company says the new
name says it all: a big win in the company’s
long, arduous journey and the drive to make
a fresh approach in today’s business climate.
Chairman of Winfresh, Montgomery Daniel, who
is also the agriculture minister in St. Vincent
and the Grenadines, gave those in attendance
in the Conference Room at Bay Gardens Beach
Resort for the official launch last Friday,
the aim of the media blitz.
“The purpose of this launch is really
twofold: one is to bring the name Winfresh to
members of the public in a formal, consultative
manner so that they can get used to the name
as quickly as possible,” he said. “But
it is also to explain what the change is all
about. We hope that all concerned will have
a better understanding of the vision and the
mission of Winfresh.”
Daniel added that for the past twelve years,
the former WIBDECO had been able to deliver
“impressive results” to company
shareholders. Among the positives reaped by
the former company, Daniel itemized, were growth
in shareholders equity from EC$6.2 million to
EC$151.6 million; growth in return earnings
from EC$9 million to EC$149.3 million; reduced
long-term debt from EC$80.5 million to zero;
and has also managed to pay out some EC$15 million
in dividends.
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Daniel
continued: “The directors are indeed very
happy to be able to share this growth with its
stakeholders not only through dividends but
also through the export revenue returned to
the islands, thus ensuring a sound economic
base to the banana industry and the islands’
economy as a whole.”
Before concluding, Daniel emphasized that the
new company, Winfresh, will not abandon bananas.
However, although that crop will remain a priority
item, changes in global market conditions have
necessitated diversification. As such, a number
of other crops will be brought into Winfresh’s
portfolio..
Chief Executive Officer of Winfresh, Bernard
Cornibert, employed the use of a projector to
screen statistics to explain the course the
company has taken over its more than fifty years
of existence. In his one-hour long presentation,
Cornibert sought to dispel what he called “misconceptions”
that have somehow beleaguered the banana sector.
He explained the reasons why the sector performed
well as well as why it did not do so admirably
on occasions.
Among some of the initiatives Winfresh will
be involved in are forging new regional and
international links such as joint ventures and
widening its scope to include a variety of agricultural
products. |
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