Fayad buys Isa bakery

March 10, 2010 6:03 AM

Elissar Investment BV of the local businessman Jean Fayad has bought the majority of the shares in Panaderia Isa NV, the largest bread bakery in Curaçao, domiciled at Stoppelweg.

Fayad confirms the takeover as per the end of February to the “Antilliaans Dagblad”. Elissar does not own all shares in Isa; a minority remains in the hands of the Isa family. Panaderia Isa was already established on January 1, 1932.

Fayad even already owns a bakery, notably Fayad’s Bakery in Jandoret. The businessman is also known from Shoarma Al Basha across from Burger King in Saliña. He is also active in the political party PAR and (informal) consultant of the party’s leader, Emily de Jongh-Elhage.

Over forty persons are employed at Panaderia Isa, Fayad says. Especially together with Fayad’s Bakery, the company is the market leader. But maximum allowed prices apply to the price of bread. Richard John Isa (51), who conducted the management of the bakery with “Erisa Beheer & Management NV” and who recently sold his share in the family business, repeatedly complained that one could hardly make a living anymore, given these maximum prices. Consequently, apart from “Ipiranga”, Isa mainly has to make money from the non-standard types of bread.

Elissar Investment was not established until one month before the takeover, notably in January 2010. Director is Fayad, 48 years old.

(Source: National newspaper Antilliaans Dagblad)

5 March 2010

Reagan Celestijn of Law firm VanEps Kunneman VanDoorne assisted certain shareholders in this transaction.