Copyright trinidadexpress
NOT all Sabgas are the same. This was the comment made by Group chief executive officer of ANSA McAL Anthony N Sabga III as he sought to dispel rumours that the sale of Standards Distributors was merely a family deal. On Monday, ANSA McAl announced that after 80 years, Standard Distributors Ltd had officially closed its retail doors, marking the end of an era for the country’s first locally owned appliance store. ANSA McAL announced it had agreed to sell Standard Distributors Ltd, along with its wholly owned subsidiary, Standard Distribution and Sales Barbados Ltd, to Term Finance (Trinidad & Tobago) Ltd. While the sale drew widespread attention, the names of the buyer’s principals also sparked interest online. “Some people in this country have a tendency to say ‘Sabga’… apparently that’s a person. But it’s like Maharaj—there are many Maharajes in this country. Whilst we do know the members of that family and they are close to members of our family, it’s two completely different businesses, independent of each other,” Sabga III said. Speaking Friday at ANSA McAL’s release of its financial results for the nine months ended September 30 at Samaan Estate, Port of Spain, Sabga said the deal was part of a strategic rebalancing of the group’s portfolio. In response to questions from Express Business on Wednesday, the conglomerate said the divestment followed “a careful review of Standard’s operations and long-term role within the group”. Sabga III said that with Standards Distributors Ltd, as with any practice of divestment, rigorous and detailed market standing was done. “We felt that was the best opportunity to continue to build the brand and give the best offering,” said Sabga III. Now while describing the sale as a strategic business move, ANSA McAL’s chairman A Norman Sabga admitted it was emotional parting with Standards Distributors Ltd, the appliance store his father founded. “Having said that, everything has its time, and it was time for us to move on. I think it has found a new home; I think it’s found a good home. My father, when I was going to school, established ANSA Industries and he created an appliance factory—that was the pride of the Caribbean,” recalled Sabga. Founded on July 27, 1945 by Anthony N Sabga on Henry Street, Port of Spain, the country’s first locally owned appliance store grew to become a household name in home appliances. As for the physical stores of Standards Distributors Ltd, Sabga III said the various landlords for those properties would determine the fate of the buildings. Speaking on further acquisitions for the group, aside from the US-based BleachTech, Sabga III said there were no acquisitions “imminent enough for us to announce”. “Our group is cordially involved in a few billion dollars in acquisitions. We are not going to close off the idea, but our pipeline is quite substantial and we have various levels of engagement, so if it’s one thing our investors can count on, it’s that we will continue to make very wise investments,” he said.
