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Polaris Holding buys site of East End Asphalt plant

Strategic moves: East End Asphalt staff are seen here paving a portion of Front Street in Hamilton (File photograph)

Polaris Holding Company Limited has increased the security of the operations of a company unit through two transactions, acquiring one property and disposing of others.

The company said it has completed the acquisition of Duck’s Puddle Properties Limited, which is the owner of property located at 8 Duck’s Puddle Drive, in Hamilton Parish where Polaris subsidiary East End Asphalt has its plant.

In addition, another Polaris subsidiary, Mill Reach Holding Limited, has completed the sale of all of its properties located on Mill Reach Lane in Pembroke.

In a filing with the Bermuda Stock Exchange, Polaris said these transactions were completed in order to bring about a greater degree of security for the commercial operations carried out at the East End Asphalt Company Limited plant. EEA had operated on the Duck’s Puddle property under a commercial lease.

The filing said the proceeds from the Mill Reach property sales together with a new $1 million term loan facility from Clarien Bank Limited were used to help finance the acquisition of Duck’s Puddle Properties Ltd.

Polaris is the parent company of Stevedoring Services Limited, East End Asphalt, Equipment Sales & Rentals Limited, Mill Reach Holding, and now, Duck’s Puddle Properties.

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Published May 11, 2023 at 7:48 am (Updated May 11, 2023 at 7:48 am)

Polaris Holding buys site of East End Asphalt plant

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