Georgetown: Local distributor, DeSinco Trading has sold 40% of its stakes to Trinidadian company Agostini’s limited after it sealed a partnership deal earlier this year.
Managing Director of DeSinco Trading, Frank De Abreu said his decision to join up with the Trinidadian company is a form of ensuring the sustainability of his company.
“Globally big companies are eating up the small companies and we want to be with the big companies,” De Abreu said. He explained that after conducting business with Agostini for a number of years, the company approached him in January 2013 with its proposition to collaborate.
However, he explained that he was reluctant join the company. After much deliberation, De Abreu said he began to consult his lawyers for advice on the business venture.
The businessman explained that he saw the proposition as a great business opportunity, “I thought if they don’t join with me, they would have joint up with some other company here and I did not want to lose out on this opportunity.”
When asked if his company was under any sort of financial troubles or if whether his accident in 2012 had anything to do with the partnership, De Abreu replied, “well my accident slowed me down but it has nothing to do with the deal, this deal was based strictly on business.”
De Abreu was involved in an accident in 2012 when his vehicle was reportedly hit by a Fire truck on Lamaha Street. His condition was categorised as critical while in hospital before being rushed to a New York Hospital where he managed to recover.
Meanwhile, via email to Guyana Times, Anthony Agostini, Managing Director of the publicly traded Trinidad and Tobago Corporation said the move to become a part of DeSinco is part of the company’s mandate for expansion in the Caribbean Region.
He added that Desinco has been distributing products made by Agostini’s associate company for over 15 years. He reiterated the long standing relationship shared between the two companies and said the discussions for taking the association to a higher level started over a year ago.
“We therefore have had a long partnership with the DeAbreu’s over this period. We are indeed excited to be partnering with Desinco with a view to growing the business in the coming months and years,” Agostini said.
For the year 2014, Agostini’s made a gross profit of TT$323,849 while in 2013, it traded a volume of 64,000 shares for TT$1,149,640 on the Trinidad and Tobago Stock Exchange, making it the second largest trader behind Trinidad Cement Limited, who traded 136,065 shares changing hands for a value of TT$303,277.40.
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