business@tribunemedia.net
THURSDAY, DECEMBER 23, 2021
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Investors flocked to take up port’s shares By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net NASSAU Cruise Port Ltd (NCP) was “oversubscribed” with over 3,500 investors for a $25m Bahamas Investment Fund (BIF) equity offering. The NCP, in a statement to the media, said: “The BIF equity offering, which sought to raise $25m to support the cruise port redevelopment project, has been successful. The public offering, which was led by Colina Financial Advisors Ltd. (CFAL), was oversubscribed due to overwhelming support from Bahamians. Over 3,500 investors applied for shares. “’This equity offering was truly a once-in-a-lifetime investment opportunity, and we are thrilled that so many Bahamians embraced it and affirmed their confidence in the project through their participation,’ said Mike Maura, Jr., chief executive officer of NCP. “We are grateful to everyone who chose to put their hard-earned
MIKE MAURA JR.
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dollars into this project. Those who invested have not only contributed to the redevelopment of the port, but more broadly, are supporting the growth and future of our country. As a Bahamian, I cannot think of a better investment.” Anthony Ferguson, President of CFAL, echoed Mr MaurA’s sentiments and confirmed the next steps. ‘We’re extremely pleased by the response from Bahamians in the BIF offering,” he said. “Our team is currently reviewing applications and confirming details to complete the process. As communicated previously, shares will be allotted using a bottom-fill approach so that as many applicants as possible will be confirmed as shareholders.’ He added: ‘We will maintain contact with investors regularly and will update them and the BIF website with pertinent information as it becomes available.’” “Our projections show that 2022 and 2023 will be very successful for the port, and beyond that, our
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Retailers finally have something to cheer By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net “CHRISTMAS Eve will tell the tale” for one retailer as this Christmas sales season is certainly better than last year, but it is still not quite at 2019 levels. Tanya Bain, retail manager at the Perfume Bar, told Tribune Business that she attributes the Christmas decorations as the core reason why tourists are leaving the cruise ships
to come downtown to shop for Christmas gifts for their loved ones. Ms Bain said: “All in all things are beginning to turnaround. So, we’re hoping that this is the beginning of a new 2022.” This year was supposed to be the breakout year for retailers coming the disastrous 2020 when most businesses were either forced to close down due to the COVID-19 pandemic, or were forced into extreme
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Despite failed hotel acquisition investor remains committed By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ROYAL Caribbean Cruise Line (RCCL) remains committed to Grand Bahama through its 40 percent stake in the Grand Bahama Shipyard, despite having to step aside from the Grand Lucayan Resort acquisition. RCCL in a statement yesterday in response to them being kicked off of the deal for the purchase of the Grand Lucayan Hotel, said: “Bahamas Port Investments Limited (BPI), Royal Caribbean Group’s joint venture with ITM Group, and Lucayan Renewal Holdings
Limited/ Lucayan Beach Casino Holdings Limited, the owners of the Grand Lucayan Resort in Grand Bahama, have mutually agreed to terminate BPI’s contract to purchase the Grand Lucayan after ITM Group made the decision not to proceed with the acquisition. BPI will continue with its plans for a cruise port redevelopment project in Grand Bahama. “Royal Caribbean remains committed to working with the Government
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Exemptions order extension welcome ‘but we need more’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ABACO Chamber of Commerce president Ken Hutton says the extension of the Special Economic Recovery Zone (SERZ) order for Abaco needed to be for three years, not one. Mr Hutton told Tribune Business: “We are very pleased that the SERZ has been extended for another year. Obviously we would have preferred it to be longer than that, but we’ll take what we can get for right now and continue to work on getting more improvements to it.” The government announced yesterday the SERZ orders for Abaco and Grand Bahama which were set to expire this coming December 31 have been extended to December 31, 2022. John Pinder II, Member of Parliament for North Abaco, said in a note to the media: “This extension supports the Davis administration’s commitment to
KEN HUTTON assist the people of Abaco and Grand Bahama with the ongoing restoration and rebuilding of homes and businesses, which were extensively damaged or destroyed by the passage of category five Hurricane Dorian in 2019.” The SERZ exemption applies to, building materials, plumbing fixtures and materials, electrical fixtures and materials, household furniture, furnishings & appliances, hardware
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