THURSDAY, JULY 14, 2016
business@tribunemedia.net
Cable confirms capital raising profits ‘drag’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas has acknowledged that costs associated with recent debt capital raisings “have dragged on profitability and cash flow”, helping push it into a $14.371 million net loss for 2015. The BISX-listed communications provider, in the offering memorandum attached to its latest $50 million preference share offering, said the pursuit of growth opportunities had impacted its financial performance in the short-term. Apart from extra bank financing, Cable Bahamas has issued some $189 million worth of preference share debt over the past two years to help fund both its
But confident on 3-5 year mobile returns Aims to capitalise on BTC ‘dissatisfaction’ Bahamas ‘significantly below’ on penetration rates $100 million Florida expansion and successful pursuit of the Bahamas’ second mobile licence. “The expansion into the US market used a See PG B5
Court ‘erred’ on ‘unfiled evidence’ in Baha Mar claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Supreme Court allegedly “erred” in relying on “unfiled evidence” from Baha Mar’s receivers to reject Sarkis Izmirlian’s bid to acquire the $192 million damages claim against the project’s contractor. Mr Izmirlian and his See PG B4
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GB Power challenges regulation by URCA By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama Power Company (GBPC) is challenging the Utilities Regulation and Competition Authority’s (URCA) ability to license and regulate it, arguing that this “conflicts” with Freeport’s founding law. The utility provider, in legal documents obtained by Tribune Business, is seeking a Supreme Court in-
junction to prevent URCA “from regulating, or seeking to exercise licensing and regulatory authority”, over it. Its amended statement of claim, filed on July 7, 2016, also wants the Supreme Court to declare that GB Power can carry on its business without requiring a public electricity supplier licence from URCA. GB Power’s action is founded on the basis that, as a Grand Bahama Port Authority (GBPA) licensee, it
is licensed and regulated by the latter via the Hawksbill Creek Agreement - and not by URCA and the Electricity Act 2015. It is arguing that the Electricity Act’s sections 44-46, which give URCA the legal right to licence and oversee energy providers, “are inconsistent, and conflict with, the rights and privileges vested in [GB Power] and the Port Authority” by the Hawksbill Creek Agreement. See PG B6
Seeks injunction to block licensing, oversight process Regulated by Hawksbill Creek, not Electricity Act ‘Conflicts’ with GBPA MoU, energy regulation
Regulation to aid 50% construction market ‘salvage’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Bahamian Contractors Association (BCA) president yesterday expressed hope that moves to regulate the sector will help “salvage” the 50 per cent market portion seized by foreigners. Stephen Wrinkle, speaking to Tribune Business after Deputy Prime Minister Philip Davis finally brought the Construction Contractors Bill 2016 to Parliament, said Bahamians would enjoy “a big boost” if they could recover half the mar-
Ex-BCA chief hopes Bill deters unregulated foreigner ‘Big boost’ to locals if half ‘foreign share’ regained Fighting for legislation for 30 years ket share gained by their foreign counterparts. He explained that the Bill’s requirement for all contractors to possess a Bahamian construction licence would create an obstacle to
unregulated foreign contractors coming into this market and taking business from locals. “There are a lot of foreign persons here under the See PG B2
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