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Wednesday, May 20, 2026
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BISX targets ‘one-stop shop’ via end-June private market BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS International Securities Exchange (BISX) is aiming to become this nation’s “one stop shop” for all capital raising activities, its chief executive asserted yesterday, while revealing that its newly-created ‘private listings’ tier could launch as early as end-June 2026. Keith Davies told Tribune Business that the exchange is seeking “to cover all the bases” involved in capital formation at every conceivable market level, with the ‘rules’ governing ‘private market’ listings, share trading and transfers, and companies continuing obligations having been
Exchange unveils ambition to be Bahamian financing ‘road map’
Waiting on consultation, regulator to launch first of three new tiers
released for a two-week public consultation period last Friday. Once that process is completed, and any required changes to the rules made, they will be submitted for approval by the Securities Commission’s approval in its capacity as Bahamian capital markets regulator. Mr Davies voiced optimism that the Commission could provide a relatively prompt approval that will enable BISX to launch the longawaited and planned
private listings tier by either the end of next month or early July. Describing the private listings tier as “an incubator” for Bahamian companies, the BISX chief told this newspaper it is primarily targeted at small to medium-sized businesses which have expansion ambitions and will be seeking “larger capital injections into their operations in the future”. Their participation, he added, will enable them to “establish a track
‘Covering all bases’ with first segment to be ‘incubator’ for SMEs record” of operational and financial performance in a transparent environment where they are scrutinised by investors - boosting their capital-raising prospects. Affirming that private listings participants will not be publicly traded, Mr Davies said their shares will be privately held in a “controlled”, tight-knit market although a small number of sophisticated, qualified investors will be allowed to enter and join once they show the necessary level
of “understanding and competence”. The private listings tier is the first, and most junior, of three new capital-raising levels that BISX aims to launch as part of its “onestop shop” ambitions. The next phase is the ‘crowd funding’ platform, which will effectively fill the void created by the now-defunct ArawakX, and then the next step-up is the so-called ‘secondary market’ that is set to be the last unveiled (see other article on Page 1B). The secondary market will be the last of four layers to BISX and the Bahamian capital markets, lying below the top tier which is the existing ‘main board’ of publicly listed
KEITH DAVIES and traded companies such as Commonwealth Bank, AML Foods and Cable Bahamas. The expansion is key to the exchange’s plans to broaden and deepen the Bahamian capital markets, and better match investors with companies seeking financing so as to generate faster economic growth and job creation. “We’re creating a road map for financing in the country,” Mr Davies told Tribune Business of BISX’s strategy and ambitions. “We want to cover all bases of capital formation and financing in The Bahamas.
EXPAND - See Page B4
BISX to ‘show more’ with crowd funding platform 95% ready BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas International Securities Exchange’s (BISX) fledgling crowd funding platform is “95 percent complete”, its chief executive revealed yesterday, while pledging to investors that the exchange will “say more and show more” on the initiative by the 2026 third quarter. Keith Davies told Tribune Business that the platform will likely go beyond being used for only crowd funding capital raises and facilitate full-blown initial public offerings (IPO) for firms seeking to list on BISX’s
Exchange targets 2026 Q3 for moving towards launch Asserts platform will ‘cover all bases’ on capital raising Secondary market ‘White Paper’ also set for unveiling main board. He added that it will also “cover all the bases” of capital formation - from the marketing and promotion of a planned offering through
the actual raise to financial performance reporting and disclosures to investors. The BISX chief explained that the crowd funding launch will be the second of three new tiers, or layers, that the exchange is creating for the Bahamian capital markets. Besides the private listings market (see other article on Page 1B), BISX is planning to develop a ‘secondary market’ for IPO-type capital raises after the crowd funding platform makes its debut. Mr Davies told this newspaper that BISX is aiming to release a ‘White Paper’ on how the secondary market would function, both from a regulatory and
Christian Council: Ministers’ past gaming ties raise FATF concerns BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Bahamas Christian Council yesterday warned that appointing two Cabinet ministers with known past links to the web shop gaming industry could endanger the outcome of an international review of this nations anti-financial crime defences later this year. The Council, in a statement, said the issue extends beyond domestic politics and legal technicalities, arguing that the appointments of Sebas Bastian, the
Island Luck co-founder, as minister for innovation and national development, as well as Leslia Miller-Brice as minister of culture, arts and heritage, could create unnecessary risks and concerns about governance, transparency and conflicts of interest at a sensitive time for the Bahamian financial services sector. The Council pointed specifically to The Bahamas’ upcoming Caribbean Financial Action Task Force (CFATF) fifth round mutual evaluation, scheduled for October 19-30, 2026, which will assess the country’s anti-money
laundering, counter-terrorism financing and counter-proliferation financing framework. “The issue is not whether the appointments will automatically affect the mutual evaluation,” the Council said. “The issue is whether they risk sending a conflicting signal at a time when The Bahamas must demonstrate strong governance, credible safeguards and sensitivity to conflicts of interest involving high-risk and highly-regulated sectors.” The Christian Council noted that the Central Bank has already described
Green Parrot owner reveals menu rises BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A WELL-KNOWN Nassau restaurant yesterday said soaring fuel, food and freight costs linked to the Middle East conflict’s global fall-out have forced it to raise menu prices and remove some items altogether. Peter Maury, proprietor of the Green Parrot, said rising operating expenses are putting increasing pressure on restaurants and other hospitality businesses already grappling with inflation and supply chain disruptions.
“We are already seeing increases in costs, and we are now having to source products from different places, particularly seafood,” said Mr Maury. “Prices have gone through the roof.” Speaking to Tribune Business, Mr Maury said even locally-sourced products have become significantly more expensive and harder to secure consistently. “Even locally, conch prices have increased and seafood costs generally are much higher,” said Mr Maury. “In some cases we cannot even get the products we want, and we have already had to remove
items from the menu because they simply are not available.” Mr Maury linked many of the supply chain issues to ongoing geopolitical instability affecting global shipping and transportation networks. “A lot of these supply issues are tied to geopolitical tensions and disruptions to shipping routes,” he said. “It is becoming harder to get products consistently.” Fuel prices, he added, have become one of the largest cost pressures facing businesses. “Fuel costs have become a major burden,” said Mr Maury. “We are paying far more for diesel than what
operational standpoint, by this year’s third quarter. He added that its development will likely take longer than the other capital market layers that BISX is working on due to the need for wider, and more in-depth consultation, with both private sector participants and the Government. While the secondary market would be a step below a full-blown IPO and ‘main board’ listing on BISX, Mr Davies said they would still be able to raise capital from Bahamian investors. Designed to encourage companies to enter the formal capital markets, and facilitate savings and investments
FINANCING - See Page B4 2026 as a crucial year for The Bahamas’ compliance efforts, and warned that international evaluators and financial institutions closely monitor governance standards in countries with major financial services industries. “The financial services industry is too important to the national economy for government to ignore any action that may raise unnecessary questions about transparency, regulatory credibility or the integrity of public-decision making,” the statement said. “The Bahamas should be presenting its strongest possible face to the international community, not introducing avoidable
INSPECT - See Page B6 most businesses would have budgeted for, and there are no concessions to offset those increases.” He also argued that the Government’s VAT relief on unprepared foods failed to provide any meaningful assistance to restaurants and other businesses. “The VAT relief on unprepared foods did not help businesses because it only applied to consumers,” Mr Maury said. “Restaurants still have to pay full price and full VAT, so there was no meaningful relief for us.” The Green Parrot proprietor said inflationary pressures are affecting every aspect of restaurant operations
EATING - See Page B6
FELIX STUBBS
SEBAS BASTIAN
Sebas takes ‘keen interest’ in Development Plan’s progress BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SEBAS Bastian has shown “a keen interest” in the National Development Plan, the initiative’s chairman revealed yesterday, with revised legislation to place it on a sound legal footing received from the Attorney General’s Office on Friday. Felix Stubbs, who heads the Plan’s steering committee, told Tribune Business that Mr Bastian will have ministerial responsibility for the project under his newly-created Cabinet post as minister of innovation and national development. He added that the justelected Fort Charlotte MP had signalled his interest in the initiative when
discussing it with himself prior to the election, and Mr Stubbs said he now needed to brief him on the latest developments. He added that the latest draft of the National Development Planning Institute Bill 2026 was one that the steering committee “likes”, and it is this version that is likely to be presented to the second Davis administration’s Cabinet and a second, final round of public consultation before being presented to Parliament for debate and passing into law. Mr Stubbs told this newspaper that the legislative reforms correct deficiencies that raised concern about the Planning Institute’s ability to obtain essential data from government
STRATEGY - See Page B5