Chairman’s Address at the 68th Annual General Meeting of Banks DIH Limited
Chairman/Managing Director
My fellow shareholders, permit me to extend a warm and cordial welcome to the 68th Annual General Meeting of Banks DIH Limited and to sincerely thank you for your unstinting support and encouragement over the period since we last met. Permit me on my own behalf and that of the Board of Directors, the management, and staff, to extend best wishes for a Peaceful, Healthy, and Productive 2024.
The meaning of “Freshness is Domestic”
My fellow shareholders, at the time of our meeting, you would have received your Annual Reports and would have observed that the theme for the Report
is “Freshness is Domestic”, which is validated by images on the cover of our Banks Beer, GT Beer, and Classic Beer, and supported by images of our Food products and Menu offerings from our Demico Restaurants which truly attest to the fact that “Freshness is Domestic”.
My fellow shareholders, ladies and gentlemen. As we consider the theme “Freshness is Domestic”, a possible question will arise. “Why do people drink Beer?” For many persons, it’s a journey of discovery of a process, a specialised craft, an appreciation
of different techniques from different parts of the world. For others, it’s about connecting with people, sharing what is termed as a social lubricant for good conversation and time well spent. My fellow shareholders, whatever is the reasoning, there is an underlying unifying and universal truth: “Fresh Beer is Better Beer”.
In actuality, my fellow shareholders, and depending on your preference when it comes to choosing a brew to drink, that Beer could well have travelled hundreds of miles under varying storage conditions, distances and temperatures, before reaching your favourite Shopping Centre or Bar. It’s quite possible that the Beer which you are about to consume, can have been around six to twelve months since it was brewed. Fresh beer is beer in its optimum state which happens immediately at the end of the brewing cycle. It is best consumed at this point and typically holds it
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My fellow shareholders, ladies and gentlemen, the importance of the freshness of beer is often either mistaken, misunderstood or possibly unheard of. Market research has shown that when the question is asked, “What do you understand to be a fresh beer?” many persons will reply “the place where you buy or drink it” Many studies have explored the effects on breweries which export in an effort to keep up in an increasingly competitive and globalized beer market.
the beer deteriorates leading to the presence of the beer. Another lesser known and appreciated fact is were found to be also affected by vibration during transport. The vibrations cause a rapid decrease in oxygen and an increase in compounds which cause the beer to smell like wet cardboard. There is even some evidence that exposure to light can affect the taste of beer which is, in part, the reason why some manufacturers use bottles with a darker colour.
only caused by the competitive beer market, but also the continuing pressures from the retail trade to deliver products with a longer shelf life. Although in most other industries “Fresh is Best” is considered a pure and simple fact amongst consumers; in the Beer industry, market pressures contribute to the misguided perception by some consumers that bottled or canned beer doesn’t really go off. There are, however, some indications that attitudes are changing with the use of a “born on date”: as opposed to a “best before date” to give consumers a better understanding of how long their beer has been around before they drink it.
My fellow shareholders, ladies and gentlemen, the aim of our message “Freshness is Domestic” is not so much to prevent storage mishaps, but rather to limit
are featured on the cover of our Annual Report. Freshness is a quality appreciated by consumers both within the Bars and Restaurants trade and for home consumption where our aim is to ensure that there are no taste compromises through the delivery of fresh beer from our domestic Brewery to your preferred place of consumption.
The Webster Dictionary provides the following etc.) by steeping, boiling and fermentation or by infusion and fermentation. Now the only way this can be done is by a Brew house or a Brewery. This is the reason that we advertise that the only beers brewed and bottled in Guyana are Banks Beer, GT Beer and Classic Beer by Banks DIH Limited.
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Legal proceedings against Guyana Securities Council
My fellow shareholders, the question is being asked “Why the Banks DIH Holdings Inc., approved by the shareholders at a Special General Meeting held on 15 July 2023, has not yet been implemented?”
In the Annual Directors’ Report it was stated as follows:
BDIHHI is to create a new corporate structure for the Banks DIH group of companies, which would facilitate the entry into new activities arising from the present rapid economic development in Guyana. This step was taken pursuant to the advice of the reputable
many countries in the western world and has
In order to bring into operation BDIHHI, the directors had to have recourse to a Scheme of Arrangement
would exchange their shares for shares to be issued by the new holding company BDIHHI. That Scheme of Arrangement required not only shareholder approval, but also judicial sanction in accordance with Section 217 of the Companies Act, Cap 81:01.
The shareholder approval was obtained at a meeting held on Saturday, 15 July, 2023 and judicial sanction of the Scheme of Arrangement was granted by a
implement the Scheme of Arrangement. There has been correspondence in that regard between the 8th
BDIH and the GSC. That correspondence has not resulted in a positive outcome”.
We have been unable to persuade the Guyana applications to bring into operation the new holding company, Banks DIH Holdings Inc. shareholder and Court approval of the Scheme have had no choice but to follow the advice of our Attorneys to apply to the High Court for orders designed to result in the Scheme of Arrangement being fully implemented and the new holding company coming into operation.
After the aforementioned steps were taken and accomplished, the next step involved was an application to the Guyana Securities Council
My fellow shareholders, it is my pleasure to present to you my Report which provides a comprehensive overview of the performance of the Banks DIH Group for the Financial Year which concluded on September 30, 2023. The overall performance of the Group improved incorporated a holding company by the name
December, 2023. The matter is listed for hearing on 20th February, 2024. We will be respectfully asking the Courts to deal with the matter on an expedited basis. This is because undue delay is more than likely to deprive the Banks DIH Group from investment opportunities with foreign partners which can result in enhanced shareholder value.
Chairman’s Report
1.
2.
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3.
Shareholders of the Parent Company increased from The Board of Directors has recommended a dividend
The complexity of the business environment is escalating rapidly. In the wake of the ongoing Global have encountered further challenges in the global landscape impacting our operations. The Geopolitical commodity prices and Supply Chain operations.
and customers to drive sustainable solutions and build resilience in our manufacturing processes, maintaining the production of high quality products
“Made in Guyana” Limited.
The Financial Year which ended on September 30, 2023 had many challenges which included Supply Chain delays and increased costs for Raw and Packaging materials, Spares, Energy, Distribution and the Retention of Skilled Employees.
Additionally, my fellow shareholders, our Leadership management and the utilisation of our Information real time.
Capital Expenditure
Fellow shareholders, the Company continued to make Capital investments in Plant, Machinery development, bolster our manufacturing capacity, Capital Works were completed with the acquisition of a 120 HL Brew House to enhance the brewing capacity of our Malt products. There was the acquisition of a Blow Moulder, Conveyors and Puncheons for the for the Soft Drink Plant.
The Food Division was enhanced with Packaging equipment, Spiral Mixers, Bag Sealing Unit, Conical Rounder and Temperature Control equipment.
The Utility Services Areas within the Company which Quality Lab, Refrigeration and Material Handling were all upgraded with new equipment. The Power Generation Department was upgraded with new Switch Gears, the overhaul of Generators and the installation of Alternative Power equipment.
Several of our Land Holdings and Buildings were upgraded including the Berbice Branch Bond, Special
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works continued on the Elevated Car Parking facilities.
My fellow shareholders, the Elevated Car Parking structure which is located just west of Thirst Park on land bounded by the East Bank Public Road and the Demerara River, has been the source of many questions from the general public as to what exactly was Banks DIH Limited creating on that plot of land. My fellow shareholders, I can today, with a deep sense of pride in what we have been able to
storey Parking facility which will also house several related business ventures.
By way of some background information, the building was designed by Garcia Mayoral Ramos and Associates with the structural engineering design component undertaken by Mr Javier Canizares of Miami, Florida respectively. The structure consists
parking of employees’ vehicles: 80 vehicles per level totalling 400 vehicles. Construction commenced
date of 1 December 2023. Several challenges were encountered, some of which being the effects of the
to a shortage of skilled and unskilled labour. My fellow shareholders, in spite of the challenges and the fact that the project design was undertaken
much pride in the fact that the construction was done mainly by local contractors. Additionally, my fellow shareholders, the Ground Floor has been designed to accommodate an Automotive Dealership which will
and CM Lift Trucks and Daikin Air conditioning systems.
art Restaurant which will seat approximately 300 persons and will cater for events such as Conferences, Weddings, similar social events and facilities for private dining.
Additionally, the western end will have parking to accommodate thirty trucks.
New Products
Guinness Smooth
My fellow shareholders, it gives me great pleasure to introduce to you, Guinness Smooth, a Stout that represents the culmination of meticulous craftsmanship, innovation, and an unwavering commitment aimed at delivering excellence, to the consumer and is brewed right here at Banks DIH Limited in collaboration with Diageo Global Technical Brand Team.
Guinness Smooth is a bittersweet mix of Hops, Malt and roasted Barley which gives it its rich chocolate
and it has one third of the bitterness of Guinness Foreign Extract Stout. The product was introduced to the Guyanese market and the results so far have been most encouraging.
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Today it gives me great pride to introduce to Guyana Banks Classic Premium Beer, a true representation and commitment to innovation, brewed right here at the only Brewery in Guyana, Banks DIH limited Brewery. variety of Hops that delivers a clean bitterness that is pleasant to the palate. The mixture of two quality product. Classic is a lager beer and is brewed under the strictest of quality control and assurance measures, ensuring that all the standard operating procedures are adhered to throughout the process.
Classic Beer is another great addition to the line of products at Banks DIH where we believe that
our commitment to the Guyanese public by bringing high quality products to our customers. Classic Beer will be available this afternoon at the Bars.
During 2023, after extensive Capital Expenditure to upgrade the Soft Drink Plant including updated Mixing and Blending capability, Water treatment,
Nitrogen Dosing equipment, Banks DIH Limited began the production and distribution of Minute Maid Fruit Coolers under License of the Coca Cola Company. Banks DIH Limited and the Coca Cola Company have worked together on the project implementation for this new locally produced beverage over the last eighteen months and we are pleased to bring these products to the Guyana market.
has grown to be the No. 1 Juice Brand in the world. Minute Maid Fruit Coolers are in the “refreshment” category and are a part of a family of Minute Maid Juice beverages. Made with real juice and infused
stable and can be stored at room temperature. Banks DIH Limited produces Minute Maid Fruit Coolers
Citrus Punch and Apple in three sizes: 250 ml, 500 ml and 1.5L. Minute Maid Fruit Coolers are available at all retail and wholesale outlets nationwide. Minute Maid Fruit Coolers will be available this afternoon at the Bars and you will also receive samples as a part of your gift.
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Minute Maid
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acres of land for the purpose of future development and expansion.
establishment of Bank Breweries Limited, ‘Thirst
focus on the upgrade of the No. 1 and No. 2 Soft Drink Plants, the Dairy Plant, Bakery, Transport, Power Generation and Land Development, and a new Beer Bottling Plant to be commissioned by 2025.
Citizens Bank Guyana Inc.
and services have been added with the reality being that there is no more space at the Ruimveldt location
As such, the Board of Directors sanctioned the purchase of 40 acres of land from Houston Estates Limited for future development, located east of the new Mandela Highway.
The development of this land will be Phase 1 and will
Bridges on the southern side with one on the East and West approaches respectively. Additionally, the plot will be fenced. In the interim, we propose to construct a temporary bridge to commence land
phase of usage will be Warehouses for the storage of Bottles, Durables and Consumables. The second phase is for the Central Services/Utilities Systems
Banks Automotive & Services Inc.
subsidiary of the Company, generated revenues of
and showroom of Banks Automotive and Services Inc.
In our quest to deliver products to customers, the Transport and Distribution Fleet was boosted with the acquisition of new Trucks and Forklifts. Hundreds of customers in the Mom and Pop shops, and Ministries were supplied with Coolers, Freezers and Water Dispensers.
The Information, Communication and Technology
Computers and Power Solutions.
In the Financial Year 2024, Capital Expenditure will
Legal Contract
and Services Inc., and Daikin Applied Latin America L.L.C. executed an Agreement, which established a partnership between the two parties for the distribution of Daikin products. Banks Automotive and Services Inc., was appointed by Daikin Applied Latin American L.L.C. as its Distributor for the resale and distribution of its Air Conditioning equipment,
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which includes accessories and parts. Daikin Applied Latin America L.L.C. is a subsidiary of Daikin Applied Americas Inc., the largest Air Conditioning Company in the world and a multinational and Conditioning and Refrigeration) solutions to meet the changing needs of residential, commercial and industrial customers.
Dividends
My fellow shareholders, the Board of Directors unit which was paid on May 18, 2023. A second 26, 2023, and now the Board of Directors recommends
Safety Management Systems:
Growth in Shareholders’ Value
My fellow shareholders, irrespective of the new challenges which confronted us during the period under review, we were able to record growth in Shareholder value.
on Food Safety.
was transferred to Retained Earnings. The market value for the Company’s shares as at 30 November
Total Quality Management and Environment Safety Functions.
My fellow shareholders, for the period under review, our Company continued aiming to achieve the highest standards in Product Quality, Health and Safety and Environmental Standards. In this regard, the Production Plants successfully completed
Novelty Ice/Dairy Plant and Carbon Dioxide Manufacturing.
Made in Guyana Mark by the Guyana National Bureau of Standards for all our locally manufactured products.
During the year, the Brewery achieved in the Guinness League of Excellence, third in the Americas out of
We were in compliance with all the operational requirements with regard to the manufacture of products of Royal Unibrew.
The Environmental and Safety Department was able to successfully complete the Surveillance Audits
14001:2015. The department was also able to acquire
year 2023 from the Guyana Fire Service, Guyana Energy Agency, Mayor and City Council and the Ministry of Labour.
The Company continues to invest in capacity building through training and skill building. During 2023, over 350 employees were trained in the areas of Health and Safety. Additionally, 35 employees were trained as Fire Marshalls. Systems.
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Community Relations/Partnerships
My fellow shareholders, we continually strive to cultivate meaningful relationships within our business, establish connections with our local community, and engage with various organisations and individuals. Additionally, my fellow shareholders, we continue to support Religious and steadfast with the continuation of Apprenticeship and Work Study Programmes. Continuous training, facilitated by our Training Department, was conducted for employees at all levels. Moreover, we the children of employees and shareholders who excelled in the National Grade Six Assessment
were granted to individuals pursuing degree programmes at both the University of Guyana and
Inclusiveness
My fellow shareholders, ladies and gentlemen. As we look towards the remainder of the 21st Century which now lies before us, there are two questions
have we learnt from our experiences from the last two decades?”, and the second question is “How well will we be able to utilise those experiences to grow the interests of our shareholders, our suppliers, our employees and our customers?”
My fellow shareholders, it is Martin Luther King Jnr, who said, “An individual has not started living individualistic concerns to the broader concerns of all humanity”.
My fellow shareholders, inclusive management or inclusiveness, is recognised and accepted as a pattern
of practices by managers that facilitate the inclusion of employees, the public, those who provide experience and advice and the political leadership, in collectively addressing problems and concerns of interest to the shareholders and stakeholders of a company or organisation. In the inclusive management model, managers focus on building the capacity workforce
this capacity is built is through the structuring and maintaining of relationships by managers. The reality is that managers function in a myriad of relationship structures that are used for making decisions, implementing policy and identifying priorities. These relationships assist in shaping the structure, highlighting potential constraints or present opportunities for the way policy is pursued. My fellow shareholders, ladies and gentlemen,
public administration respectively. It is the science of managing the resources of business, governments and other organisations. The management component of the compound idea of inclusive management
project rather than an attainable state. My fellow shareholders, inclusive management practices are one way to promote participation and engagement in an organisation, which may be implemented in a variety of ways. Inclusive management practices have been found to improve the quality of policy planning or the viability of policies by:
Generating better understandings of problem areas and making new connections between people and issues that have produced new ways of seeing and addressing problems.
Generating new leadership by creating connections among issues and people, thereby creating platforms for action and identifying
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champions for causes.
Building capacity for ongoing engagement and implementation of programmes and policies
Facilitating change through inclusive processes to address issues which confront the organisation.
Future Outlook
Fellow shareholders, the recently concluded year has once again demonstrated the Company’s resilience in overcoming challenges. As we anticipate the upcoming Financial Year and beyond, our strategic approach involves maximising the potential of our Global Brand Portfolio as well as solidifying our standing as a Consumer Focused Entity. We are foundations by prioritising the reinforcement of our core strengths, including advancements in Marketing,
Innovation, Revenue Growth, Management, and Execution. This dedicated focus aims to enhance value for our Shareholders, Suppliers, Employees and Customers.
I wish to thank our Management team and employees for their commitment and dedication to those practices and values which have contributed to the growth and development of the Group. I also wish to thank my fellow Directors for their continued support, encouragement and guidance throughout the year, and our valued shareholders, loyal customers, reliable suppliers, business partners and consumers who continue to support our products and services. In conclusion, my fellow shareholders, ladies and gentlemen, permit me on my own behalf and that of the Board of Directors to extend to you all and your loved ones, an exciting, productive and rewarding 2024.
CO-MANAGING DIRECTOR RETIRES AFTER 51 YEARS OF STERLING SERVICE - MR GEORGE MCDONALD
some 51 years of loyal and dedicated service to our Company.
a Clerk in the Bottle Stores. His demonstration of commitment and dedication, caused him to to be selected for a Company scholarship to read for a Bachelor of Science Degree in Economics at the University of Guyana. Consequent upon his successful completion of his degree programme, he was appointed to
McDonald was recommended for promotion to the position of to sit on the Company’s Board of Directors as Marketing Director.
occupied until his retirement from active service in June 2023.
to Mr McDonald for 51 years of sterling and dedicated service and to wish him well over the years ahead.
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Beverage Warehouse
Creme Select
Patisserie
Soft Drinks Plant
Legal Dept.
Central Lab Dept.
Env Safety
Budget and Costing
Business Development
Brewery
Demico House
Central workshop, Light Refrigeration
Vehicle workshop, Buildings Dept.
Qik Serv
Trisco
Linden Materials Handling
Rum Factory Water Plant
OMG! Sales
