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TUESDAY, FEBRUARY 20, 2018
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Arawak port joins in BP&L LNG bid By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
rawak Cay’s port operator has joined a bid to supply Bahamas Power & Light (BPL) with liquefied natural gas (LNG), as it seeks to diversify from 100 per cent reliance on cargo shipping. Mike Maura, Arawak Port Development Company’s (APD) chief executive, confirmed to Tribune Business that it had teamed with New Fortress Energy, the company identified by the former administration as its preferred energy solution, on a “tender” to provide the utility monopoly with a new generation fuel source. He added that, if successful, the offer would provide the Arawak Cay port with a new revenue stream to reduce its reliance on commercial shipping while also covering “a portion” of the BISX-listed operator’s expenses. Besides the “national benefit” from reduced energy costs and a more
* Partners with New Fortress, CFAL on offer * Sees diversification, fisheries, farm benefit * Also involved in Prince George Wharf plan
reliable, cleaner fuel supply, Mr Maura said the bid - which also includes Bahamian financial advisory firm, CFAL - could provide “cold storage opportunities” for fisheries and agriculture producers. “APD has remained focused on the diversification of business,” the APD chief told Tribune Business via e-mail. “In an effort to participate in the Bahamas’ energy reform, APD has partnered with New Fortress Energy and CFAL in a tender to BPL to provide natural gas-fuelled power generation. “The group believes that the new business opportunity provides a national benefit and shareholder value. The introduction of LNG to the Nassau Container Port provides a new revenue stream for APD,
and offers new cold storage opportunities for local seafood and agriculture. “The new business will add incremental income, which will serve to cover a portion of the port’s operating expenses, while reducing the risk to APD’s 11,000 shareholders stemming from a dependence on traditional cargo throughput, and introduce new investment opportunities for all Bahamians.” Mr Maura did not provide further details on the APD-New Fortress-CFAL offer, although it will likely involve the development of an LNG storage/regasification terminal at the Arawak Cay port location. New Fortress, as the fuel supplier, will likely ship the LNG to APD from its facilities in Florida. From there, the gas will likely
be transported by pipeline from Arawak Cay to BPL’s Blue Hills power plant, where it will be used to drive the utility’s generation equipment. New Fortress, the subsidiary of a multi-billion dollar New York asset manager founded by its principal, Wes Edens, appears to be targeting the Bahamas as its next ‘entry point’ into the Caribbean energy market. It has already inked an LNG supply deal with Jamaica’s electricity supplier, Jamaica Public Service Company (JPS), and in late 2017 announced a $1 billion infrastructure investment in that island that includes the construction of several power plants. And New Fortress recently agreed an LNG
SEE PAGE 4
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Proper governance needed to protect multi-million MPAs By NEIL HARTNELL Business Editor nhartnell@tribunemedia.net THE multi-million dollar benefits generated by the Bahamas’ Marine Protected Areas (MPA) will be endangered unless proper management systems are implemented, a study has warned. An economic valuation of ecosystems in
the Bahamas’ 40 MPAs, conducted for local environmental organisations, said the “economic value of the fisheries and tourism sectors” is “at risk” unless the necessary financing and governance systems are put in place. The report, conducted by the Natural Capital Project, said just 10 per
SEE PAGE 3
PM Dr Hubert Minnis shakes hands with Peter Krieger. Photo: Peter Ramsay/BIS
$5.5BN REFINERY: 80% OF JOBS FOR BAHAMIANS By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net
THE developer behind the proposed $5.5 billion oil storage terminal
and refinery for Grand Bahama yesterday pledged that 80 per cent of jobs will go to Bahamians. Peter Krieger, Oban
SEE PAGE 3
Abaco’s power woe ‘too much’ to bear By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FED-UP Abaco businesses yesterday blasted the island’s latest power crisis as “too much” to bear, with visitors leaving or “threatening to leave” due to the extended outages. Don Cash, a Hope Town council member whose company manages between 115-120 vacation rental properties on Elbow Cay, predicted the situation would cost the island “repeat” tourist business and added: “It’s a mess; it really is a mess.” Mr Cash, who runs Elbow Cay Properties with his wife, Carrie, also criticised the ‘information vacuum’ that Bahamas Power & Light (BPL) had allowed to develop by not providing updates on the problem and likely timeline for when
full power will be restored to the entire island. “The biggest problem is there is no one at the [Wilson City] power plant giving us solid information,” he told Tribune Business. “The rumour mill is going wild. One person tells you one thing, another person tells you something else. That’s the biggest problem; we don’t know what to tell our guests. “They’re threatening to leave. We’re three-quarters full. We do 115-120 properties that we manage at Elbow Cay Properties. We are busy. We’re always busy, as Hope Town is one of the busiest tourist destinations in the Bahamas. “We have a lot of properties, treat the guests right, have a lot of repeats, but this is too much... We are having guests that are leaving, saying they can only put up with it for a couple
* 100-home manager: ‘It really is a mess’ * Visitors departing, ‘threatening to leave’ * BPL targeting power restore this morning of days. It’s a mess. It really is a mess.” Abaco has been without reliable, consistent power since Friday after the final pump for the Wilson City power plant’s cooling system blew. This meant the island’s main BPL generation plant was forced to completely shut down, with the utility monopoly currently forced to use its antiquated, back-up Marsh Harbour facility that is simply unable to meet customer demand. This has resulted in ‘load shedding’ impacting all parts of Abaco yesterday, as BPL shuts off certain areas to provide energy to
other locations for several hours before reversing the process. Full power had yet to be restored on the island as Tribune Business went to press last night. Christina Alston, BPL’s chief operating officer, told Tribune Business yesterday that the utility had effectively ‘run out of time’ to resolve a problem that she and chief executive, Whitney Heastie, has quickly identified upon taking office. She explained that Wilson City’s cooling system pumps, of which there were four, had started failing “one after the other”. While the pumps
were designed to be “submersible in 150 feet of brackish water”, Ms Alston said they were not holding up under the “very caustic” conditions and, as a result, were not lasting as long as they should be. While BPL had moved to quickly to order a new pump, only one manufacturer - based in Arizona - was found to make a version that matched the Wilson City plant’s specifications. Ms Alston said that, as a result, BPL had to accept a 25-30 week “lead time” before it would be ready for delivery. “We would not have been able to put our hands
on a pump like this” in the short-term, Ms Alston said, confirming that the last working one had given out just as the new one left the factory for delivery to the Bahamas. The BPL chief operating officer said the utility was now looking at a system to redesign that places the pumps above ground, adding: “We’d like to bring ourselves out of a system critical position.” Acknowledging the impact on Abaco residents and businesses, Ms Alston told Tribune Business: “We’re very concerned. Whitney and I take this obligation to serve very seriously. We’re both utility people. “I’ve been a utility person for 27 years going on in the US. The provision of electricity, people no longer
SEE PAGE 2
Insurers challenge Gov’t over ‘rewriting the rules’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Insurance Association’s (BIA) chairman yesterday again challenged the Government’s desire to “rewrite the rules” on the industry’s anti-money laundering requirements. Emmanuel Komolafe told Tribune Business that his own “extensive research”, and that of the wider insurance industry, had left him “more convinced” than ever that the Bahamas “ought not to go down the path” of defining property and casualty insurance as ‘financial institutions’ under the Financial Transactions Reporting Bill. His comments came after BIA representatives
* BIA CHAIR ‘MORE CONVINCED’ ON BILL CONCERNS * BAHAMAS ‘OUGHT NOT GO DOWN PATH’ PROPOSED * GOV’T AIMS TO GET AHEAD ON ‘EVOLVING’ STANDARD were last week it would place the informed by Carl Bahamas ‘ahead Bethel QC, the of the curve’, and attorney general, enable this nation and his officials to ‘get out in front’ that the Governof evolving global ment is sticking standards that to its position would eventually of defining this include them as sector - and cap‘financial institutive insurance tions’ for customer - among the ‘finandue diligence cial institutions’ purposes. KOMOLAFE listed in a Bill set to The BIA be debated imminently by chairman, though, quesParliament. tioned why it was necessary Mr Komolafe said the for the Bahamas to exceed Government’s rationale global benchmarks given for its treatment of the that the Financial Action two insurance market seg- Task Force (FATF), the ments appeared to be that world ‘standard-setter’ for
anti-money laundering and counter-terrorism financing rules, did not call for property and casualty or captive insurance to be treated as such. He added that the International Association of Insurance Supervisors (IAIS), the global body that represents industry regulators, has adopted a similar stance to the FATF, further challenging the Government’s position. And Mr Komolafe also warned that going beyond FATF requirements will increase the insurance
SEE PAGE 2
PAGE 2, Tuesday, February 20, 2018
THE TRIBUNE
Insurers challenge Gov’t over ‘rewriting the rules’ FROM PAGE 1 industry’s costs through the imposition of enhanced Know Your Customer (KYC) scrutiny, potentially impacting the premium prices facing Bahamian consumers. He suggested that this would negatively affect insurance affordability and the ‘ease of doing business’ at a time when the Minnis administration is focusing on improvements in both areas. “It’s quite an awkward, strange path they seem to be taking,” Mr Komolafe told Tribune Business of the Government’s position. “There’s nothing in the public domain, on the Internet or in the arena of international compliance professionals to indicate that they [property and
casualty, and captive, insurance] should be included in the Financial Transactions Reporting Bill.” Pointing out that the FATF and IAIS recommend that only life insurance, and related investments, should be subjected to enhanced KYC due diligence, the BIA chairman added: “It is still not clear to me why we are seeking to rewrite the rules to include the non-life sector. “I have spent a great deal of time since the release of the Financial Transactions Reporting Bill trying to rationalise the approach we are seeking to adopt in this matter. This has led to extensive research of several documents, standards, as well as websites of the relevant international agencies to ascertain whether we
are missing something in this discussion. “However, I have found nothing to make me change my viewpoint on this subject. The more I look into this matter, the more I am convinced that we ought not to go down the proposed path.” Based on last week’s discussions with the Attorney General, Mr Komolafe said the Government’s position appeared to be that it was “going beyond” the existing FATF standard “in anticipation of what is expected to be the new standard or norm vis-à-vis the general insurance sector”. He added: “Specifically, it was indicated that the standard is evolving and subject to change; hence the decision to be proactive. We are aware that the Government has the final
say at the end of the day, but would hope that they will reconsider this matter in a rational and holistic manner.” Mr Bethel declined to comment when contacted by Tribune Business, although he indicated he may comment after reviewing the insurance industry’s remarks. Mr Komolafe, though, said some in the industry had likened the Government’s stance to “killing a mosquito with a sledgehammer”. However, he was quick to point out that last week’s meeting between the BIA and Attorney General’s Office was “cordial”. Expressing hope that further talks would occur once the regulations accompanying the Bill are issued, Mr Komolafe added: “The BIA was assured that there will be provisions incorporated in the legislation or regulations to minimise, as much as possible, the impact on the industry.
“Additionally, a oneyear transition period will be given to both the life and health, and property and casualty, sectors of the industry to provide adequate time for compliance with the requirements of the new legislation.” Mr Komolafe, who is Colina Insurance Company’s chief risk and compliance officer, and a former policy officer with the Central Bank’s bank supervision department, said the FATF’s standards were not alone in exempting property and casualty, plus captive, insurance from such KYC and customer due diligence requirements. The July 2017 assessment of the Bahamas’ financial crime defences by the FATF’s Caribbean affiliate did not link any of the uncovered deficiencies, or recommended solutions, to not including general and captive insurers in the ‘financial institutions’ definition. And nor did the Bahamas’ recently-published National
Risk Assessment (NRA) of financial crime threats “foreshadow” such treatment for these two sectors in the Financial Transactions Reporting Bill. While the NRA report imposed a ‘moderate to high’ risk rating on the Bahamas’ non-life insurance sector, Mr Komolafe said this “conclusion seems to be erroneously justified on the premise that the risk profile is due to the exclusion of the non-life sector from the definition of financial institution in the” Bill. He added that the IAIS ‘core principle’ dealing with financial crimes also indicated that property and casualty, and captive, insurance were never intended to be covered by this definition. And, should it be determined that these segments pose a risk, Mr Komolafe said the IAIS remedy was for anti-money laundering and counter terror financing measures to be imposed via a risk-based - rather than ‘blanket’ - approach.
Abaco’s power woe ‘too much’ to bear FROM PAGE 1 consider it a luxury. It’s a necessity, and when people are without necessities we all feel it.” She declined, though, to place a timeline on when the new cooling system pump will arrive, but said BPL anticipated power being restored to Abaco “some time in the early hours tomorrow [Tuesday]”. Ms Alston, together with BPL chairman, Darnell Osborne, arrived in Abaco yesterday afternoon ahead of last night’s Town Meeting, where they were expected to address the four-day outage and residents concerns plus give an update on plans to cope with peak summer demand. Mr Cash, meanwhile, criticised BPL for failing to keep a sufficient parts inventory to cope with breakdowns such as
the cooling system pump shutdown. “They wait for something to go wrong before they act,” he added. While BPL had placed different areas of Abaco on a ‘two hours on, four hours off’ rotation over the weekend, Mr Cash said power to Elbow Cay had been off since 11am yesterday morning - some five hours before he spoke to this newspaper. He added that the island’s power crisis had sent businesses and homeowners scrambling to stock up on diesel for private generators, with the result that Elbow Cay’s primary landbased supplier had run out yesterday. “People spend so much money to come here, and they can’t take a shower,” Mr Cash told Tribune Business. “They’re afraid to go out in the boat because they don’t know if they can shower afterwards. It’s frustrating. “Everyone like myself has been running around trying to get diesel to put in the generator. The main
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source of diesel on Elbow Cay ran out at the pump. We had to wait for the barge to come up from Marsh Harbour, and that cost me another five hours. They [BPL] just have to do better. “We’re not even in June. Everyone on the island is dreading when we get into June, July and August. It’s going to be people that won’t return,” he continued. “Every summer we lose a lot of people that would return be repeats after they go through the same thing. “They threaten never to come back. They love this island, but the money they pay to come here and then they can’t enjoy themselves because of the power situation. We will lose some tourists through this for sure. We’ll lose the ones who planned to come back next year.” Mr Cash, though, said the Hope Town district’s resilience always seemed to enable it to cope with the long-standing energy challenges that have plagued the entire island. “Hope Town always seems to come through it in spite of it, because we know how to handle our guests,” he told Tribune Business. “We do what we can to make life comfortable when the power is off. “It’s going to be an impact for sure, but we will all come through OK. Hope Town always does.”
THE TRIBUNE
Tuesday, February 20, 2018, PAGE 3
Proper governance needed to protect multi-million MPAs FROM PAGE 1 cent of the Bahamas’ MPAs possess final management plans while another 15 have draft versions. This means that less than half the nation’s MPAs are overseen by properly structured governance frameworks. The specific threats identified in the study, which was carried out for the Bahamas National Trust (BNT), The Nature Conservancy and the Bahamas Reef Environment Education Foundation (BREEF), include undermining $67.6 million in annual tourist spending - and 383,000 visitor days - generated by visits to the MPAs. These areas also contain ecosystems responsible for producing more than $23.5 million in yearly habitat value as breeding grounds for the spiny lobster, generating more than 50 per cent of crawfish sector activity, six million pounds of catch and some 1,300 Bahamian jobs. MPA ecosystems were also identified as providing a natural coastal defence to hurricanes, protecting some $806 million in annual income and the 40,000 residents who live along the coastline of Bahamian
islands. And the mangroves and seagrass within the MPA network were found to store 400 million tons of carbon, saving $5 billion annually in terms of harmful emissions avoided. “Effective management is important for maintaining and growing the economic value of the ecosystem services within the existing network of MPAs, as the examples of Southwest New Providence Marine Managed Area (SWMMA) and Andros show,” the Natural Capital Project report said. “Only four out of the 40 existing MPAs have management plans finalised; 15 sites have draft plans. Without effective management and financing to protect coastal and marine ecosystems, the Bahamas puts at risk the economic value of its fisheries and tourism sectors and increases its vulnerability to hurricanes and climate change.” The study added that the “economic value and benefits” associated with the MPAs, and their coastal and marine ecosystems, meant their management needed to be included within the Bahamas’ major planning processes. “The economic value of ecosystem services
and the livelihoods they support indicate the importance of managing the MPA network now in order to help safeguard against the loss of economic and societal benefits to Bahamians, the Caribbean and people worldwide in the future,” the report’s authors warned. “According to our analysis, visitation within MPAs provides $67.6 million annually in tourism expenditures; 2.6 per cent of overall expenditures in 2015. Ecosystems within the existing MPA network are worth more than $23.5 million annually in nursery habitat values for spiny lobster. “The nursery habitat within the MPA network contributes to 50 per cent of the overall value of the lobster fishery, which in turn provides more than 1,300 active lobster jobs. In addition, ecosystems in the network reduce the risk of coastal hazards, such as Hurricanes Mathew and Joaquin, to nearly 40,000 people living along coastlines throughout the country and $806 million in annual income. Mangroves and seagrass within the MPA network store 400 million tons of carbon, worth $5 billion in avoided emissions globally.”
$5.5BN REFINERY: 80% OF JOBS FOR BAHAMIANS FROM PAGE 1 Energies’ non-executive chairman, speaking at the signing of a Memorandum of Understanding (MoU) with the Government, said the project would create “long-term, sustainable” jobs for this country’s citizens. Disclosing that construction of the east Grand Bahama project will likely start before year-end, Mr Krieger added that Oban Energies was committed to a local supplier and employee programme. “Our employment programmes will preserve 80 per cent of the jobs for local Bahamians. These jobs will be long-term, sustainable and underpinned by training programmes,” he said. “Our training and education programmes include a commitment to invest in local universities, provide on-thejob training and structured training programmes such as vocational apprenticeship and management training.” Mr Krieger added that Oban Energies will also provide long-term housing for up to 200 local residents exclusively, located 10-20 miles way from the terminal, as he sought to allay concerns over whether the developer has the necessary financing. “We have all of our financing in place,” he said. “We have already spent a significant amount of money; many millions of dollars in preconstruction to this stage. We have done our geo-technical work, our environmental studies and our marine engineering. There has already been a significant investment.
“However, in order to move forward with the banks we need to deliver certain deliverables such as our approvals from the Government, our permits and everything. Once we have delivered all of that and there is a project to fund, we will start drawing down on the money from the bank. We just have to go through the normal process now that any financial institution would require you to go through before they allow you to access those funds.” Mr Krieger said Oban was already in talks with major international energy firms, which they would partner with to help run and maintain the facility. The Progressive Liberal Party (PLP), though, has expressed concerns over the Oban deal, with shadow finance spokesman, Chester Cooper, pointing that the developer was a “relatively new company” with no established track record in the energy infrastructure business. He also questioned whether Oban has the necessary financing, adding: “Show me the money.” Prime Minister Dr Hubert Minnis pushed back against these concerns, saying the Bahamas Investment Authority(BIA) would have done its due diligence on the company. The last Ingraham administration issued an approval in principle to Oban Energies, but the project progressed no further because it was not satisfied the developer had sufficient evidence of financing. In an interview
with Tribune Business last year, Mr Krieger said previous efforts were derailed by the global downturn about a decade ago. Seeking to differentiate Oban’s project from similar developments on Grand Bahama, such as Buckeye Partners’ BORCO facility and Statoil, Mr Krieger said: “The refinery is a major asset that differentiates us from Buckeye or Statoil’s facility. “This allows us to process crude and refine it, and opens up a market much larger than just storage. The storage support needed for the refinery is quite significant. It allows us to have a much more diversified group of customers, and offers a lot more different products and services to those customers.” Former PLP chairman Bradley Roberts, in a recent statement, questioned how the project can produce 600 “direct jobs” as the Prime Minister previously announced in the House of Assembly. He added that Buckeye, which has a storage capacity of 26 million barrels and can berth up to eight vessels, employs 160 persons including non-Bahamian staff, while Statoil (the former Burma Oil storage facility) located in east Grand Bahama has a capacity of seven million barrels used primarily for the storage of crude oil, but employs only 60 persons. Dr Minnis explained that the other facilities are only concerned with storage, while Oban’s facilities will also a refinery, producing the difference in job numbers.
The Natural Capital Project study warned that all these economic, environmental and storm protection benefits were coming under increased pressure from “a growing intensity of activities in the coastal zone”. Pointing to the importance of MPAs as hurricane defences, the report warned: “Half the population of San Salvador and one-third of the population of the Berry Islands are at lower risk from coastal hazards due to ecosystems within MPAs. “More than 30,000 people on New Providence live in areas partially protected by corals in SWMMA and coastal forests in Bonefish National Park. The economic value of coral reefs, seagrass beds, mangroves, and coppice within MPAs for reducing the storm risk of coastal communities depends on exposure (shallow, wide shelfs are
associated with storm surge) and proximity to coastal populations.” Noting that ecosystem value varied across the MPA network, the study added: “The higher tourism expenditures attributable to Southwest New Providence Marine Managed Area and Exuma Cays Land & Sea Park illustrate the importance of infrastructure and access for supporting tourism, and highlight how investing in protection and management of coral reef and fish communities can foster a world-renowned location for tourism. “Habitats in Andros West Side National Park and Marls of Abaco store the most carbon in the network, valued at more than $3.5 billion, and $500 million in avoided carbon emissions, respectively.” The Natural Capital Project study, dated November
2017, was carried out as part of Bahamas Protected, a three-year initiative designed to improve and expand the MPAs so that the economic value of their ecosystems is protected. “Taken in conjunction with information about costs of implementation and threats to habitats that provide services, the economic value of ecosystem services can help to ensure that management strategies maximise net benefits to MPA-adjacent communities and all Bahamians,” it said. “By fostering an iterative process between ecosystem service valuation and stakeholder engagement, Bahamas Protected has the opportunity to understand how management decisions made today will influence the sustainability and economic value of ecosystems into the future,” said the Natural Capital Project study.
PAGE 4, Tuesday, February 20, 2018
THE TRIBUNE
Arawak port joins in BP&L LNG bid FROM PAGE 1 supply deal with Freeport-based Polymers International, which will see the latter use the fuel to run its boilers. Greg Ebelhar, Polymers’ chief operating officer, revealed that New Fortress was also interested in establishing an LNG terminal in Grand Bahama. New Fortress was selected by the Christie administration as its
preferred partner to solve the Bahamas’ energy woes. Opposition leader, Philip Davis, said the company’s proposal called for it to supply energy to BPL via a 25-year power purchase agreement (PPA). Outlining the terms left behind by the former administration, Mr Davis quoted two prices at which New Fortress would provide electricity. He said it had offered to supply energy at 13.5 cents per kilowatt hour (kwh)
from 120 Mega Watts (MW) of “supplemental”, or additional, generation units that would be installed at BPL’s existing Blue Hills power plant. And, looking longerterm, Mr Davis said the price of energy supplied from a new 260 MW power plant, also fuelled by liquefied natural gas (LNG) and constructed at Blue Hills, would be 10.35 cents per kwh. “This pricing strategy will accrue significant savings on electricity to the
NOTICE OF APPLICATION IN THE PROBATE DIVISION OF THE SUPREME COURT IN THE SUPREME COURT PROBATE DIVISION
2018/PRO/npr/
In the Estate of ANTENOR LIBERAL BATISTA JÚNIOR late of RUA CORREDOR DA VIT’RIA, ED VITOR SIDE, AP 501, VITÓRIA, in the City of Salvador, Bahia, Brazil, Deceased NOTICE IS HEREBY GIVEN, for the information of those it may concern, that SOPHIA ROLLE-KAPOUSOUZOGLOU of the Western Division on the Island of New Providence one of the Islands of the Commonwealth of The Bahamas as the Authorised Attorney for VALÉRIA CRISTINA FIGUEIRA DE BRITO Administrator of the real and personal estate of the Deceased will make application at the PROBATE DIVISION of the Supreme Court, for a GRANT OF LETTERS OF ADMINISTRATION IN RESPECT OF A PAPER GRANTED IN A CIVIL LAW JURISDICTION in respect of the real and personal estate of ANTENOR LIBERAL BATISTA JÚNIOR late of RUA CORREDOR DA VIT’RIA, ED VITOR SIDE, AP 501, VITÓRIA, in the City of Salvador, Bahia, Brazil. Dated this 16th day of February A.D., 2018
customers of BPL,” the former deputy prime minister argued last year after the May 10 election. However, the Minnis administration elected not to proceed with the New Fortress proposal it inherited, citing concerns over a perceived lack of transparency in the process - something that reflected more on the former government, rather than APD’s partner. “There was no deal left behind, no commitment by the former administration to any group,” Desmond Bannister, minister of works, told Tribune Business previously. “There had been an energy committee that looked at a number of proposals, and made some recommendations “We believe the process should have been a lot more transparent than it was, and we’re going to ensure full transparency and complete accountability in the process.” However, he said that New Fortress and other previous bidders could “absolutely” participate in a new BPL tender exercise,
NOTICE WORLD-WIDE HOLDINGS AND INVESTMENTS LIMITED NOTICE IS HEREBY GIVEN as follows: (a) WORLD-WIDE HOLDINGS AND INVESTMENTS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 13th day of February, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD.
..................................................................................................... Lennox Paton Counsel & Attorney-at-Law
Registered Agent for the above-named Company
MARKET REPORT MONDAY, 19 FEBRUARY 2018
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
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Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
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1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.72 9.90 2.60 1.50 8.05 6.00 10.10 6.24 4.47 12.51 10.00
CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.72 9.90 2.60 1.50 8.05 6.10 10.10 6.24 4.47 12.51 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.00 0.00 0.00 0.00
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LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
109.72 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
109.67 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
7,000
VOLUME
NAV 2.12 4.14 1.98 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21
EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 0.668 1.129 0.729 0.484 0.298 0.543 0.000
DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.690 0.060 0.050 0.141 0.290 0.500 0.150 0.120 0.580 0.000
P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.6 15.7 25.5 4.5 12.1 5.4 13.9 12.9 15.0 23.0 0.0
YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.54% 6.97% 2.31% 3.33% 1.75% 4.75% 4.95% 2.40% 2.68% 4.64% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 6.00% Prime + 1.75%
MATURITY 31-May-2018 19-Oct-2022
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
ADVERTISE TODAY IN THE TRIBUNE, JUST CALL 502-2394
NOTICE
BISX ALL SHARE INDEX: CLOSE 2,047.97 | CHG 0.00 | %CHG 0.00 | YTD -15.60 | YTD% -0.76 52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 7.75 5.83 8.78 5.67 3.35 12.01 10.00
operating company which has been ranked at the top in the Caribbean, with a Bahamian investment firm which serves to provide investment opportunities for all Bahamians.” Mr Maura added that APD has also cleared 15 acres along its southern boundary for the proposed new Customs inspection facility, with the project having reached the design stage. “We are in the stage of site design and will soon be travelling to the Port of Miami, along with Bahamas Customs, to meet with US Customs and tour their customs cargo inspection facility at the Miami port,” the APD chief executive told Tribune Business. “This new facility will include the use of solar and other energy efficient equipment. We will be completing our LED retrofit within the container terminal in the next 90 days. Our 15-acre project also considers a new vehicle terminal, which will include Department of Road Traffic and Bahamas Customs, and allow for the licensing of vehicles at the port.” The proposed facility will be equivalent to those enjoyed by US Customs, with scanners enabling Bahamas Customs to conduct scans of containers and other cargo to detect guns, drugs and smuggled goods.
Legal Notice
BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.87 2.59 1.56 9.70 6.10 10.55 10.95 4.50 12.51 11.00
some of which have been initiated. Mr Maura, meanwhile, confirmed that APD was still looking towards the potential redevelopment of Prince George Wharf, the Bahamas’ major cruise port, as another means of income diversification. He revealed that the Nassau Container Port operator has again teamed with CFAL on a proposal, with the two Bahamian entities joined by Global Port Holdings, the world’s largest operator of cruise ports. “APD remains interested in participating in the development and operation of Prince George Wharf,” Mr Maura told Tribune Business. “APD, CFAL and Global Port Holdings are working to provide what we believe is an unmatched partnership that can deliver a modern, efficient and value-driven cruise port for the benefit of New Providence and the cruise industry. “This group brings the expertise of the largest cruise port operator in the world, together with a proven Bahamian port
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
TRUMPS HOLDINGS LTD. In Voluntary liquidation “Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). TRUMPS HOLDINGS LTD., is in Dissolution.” The date of commencement of dissolution is the 14th day of February, 2018.
Nestor Gustavo Cardozo, Victor Raul Haya de la Torre 1729, CP 11415 Montevideo, Uruguay Liquidator
NOTICE A majority shareholder in a land holding company wishes to joint venture with a suitably qualified construction company, or individuals, to develop 200 acres of property on North Long Island Bahamas. Contact us at
rahming361@gmail.com for further information.
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225