The E. M. Jones group of companies, one of Tonga's oldest trading companies is selling out.

Keith Harris of Guardian Trust, New Zealand, the legal owner of E. M. Jones Group of companies since 1981 said that they had no other option but to sell E. M. Jones Ltd.

Keith said that New Zealand tax legislation has made it unprofitable for New Zealand interests to invest in Tonga.

The E. M. Jones group of companies includes, E. M. Jones (Vava...’u), E. M. Jones (Koloua), E. M. Jones Industries Ltd., and E. M. Jones Travel & Tours.

Keith said that Guardian Trust was the sole share-holder in three of the companies, excepting E. M. Jones Industries where 25% of the shares were held by members of the Jones family. But after a consultation meeting between the Legal Owner of E. M. Jones, Guardian Trust and the Beneficial Owners, members of the Jones family they decided to go ahead and sell E. M. Jones.

Keith said that by selling E. M. Jones they are not selling the assets, "we are selling only the shares." Keith said that they would like to keep the name E. M. Jones and they also would like to keep the operation going for the sake of preserving jobs for their 140 employees.

Keith said that there are a lot of interests both from local and from overseas interests, but by March 4 he said he was trying to get prospective purchasers to sign confidential agreement "and also to release to me detail of their finances so that I have the confidence that they have the ability to proceed with the transaction."

Keith did not want to reveal the total value of shares for E. M. Jones Group of companies, and he said that the purchasers will determine for themselves the value of the shares and he expects some serious bidding to start coming in during the next two months.

The company was founded in 1911 by Elenoa May the wife of Frederic Percy Jones.