02252019 BUSINESS

business@tribunemedia.net

MONDAY, FEBRUARY 25, 2019

$4.15

$4.19

$4.20

Cruise lines told: ‘Don’t fear’ your bid’s rejection

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister yesterday said he wanted to increase passenger spending in Nassau by at least “20-30 percent”, urging cruise lines “not to be fearful” after their port bid was rejected.

Dionisio D’Aguilar, Minister of Tourism, reassured the cruise lines they will not face excessive port fees or berthing/itinerary disruptions as a result of the government selecting Global Ports Holding’s rival $250m bid as Prince George Wharf’s preferred operator/manager.

He told Tribune Business that concerns over the potential conflict of interest resulting from the

THE PROPOSED new look. cruise lines owning the Nassau port operator, while also being its main customers, were “the main reason” why the industry’s alliance with the Bahamian investor group, Cruise Ports International, was turned down by the government.

Comparing such a situation to

“the airlines running Lynden Pindling International Airport”, Mr D’Aguilar said questions would inevitably arise at times as to whether the cruise lines were acting in their - or the Nassau cruise port’s - “best interests”.

He added that selecting the cruise line-backed bid would also have been “unacceptable to the Bahamian people”, given rising concerns about whether it has too much power over The Bahamas given that the majority of the economic benefits appear to be retained by the industry itself.

Asked why the government selected Global Ports Holding’s offer, Mr D’Aguilar told this newspaper: “We thought it was far more transformative, far more iconic.

We felt this proposal allowed for, offered the best possibility to as many hard-working Bahamians as possible to become shareholders.

“It’s a concern of every Bahamian to have the cruise companies running your port. It’s like the airlines managing the airport. It’s concerning. Are they looking out for their best interests or the best interests of the port? That was the main reason. We don’t think having the cruise lines run the port would be acceptable to the Bahamian people. I don’t think they’d buy into that.”

Mr D’Aguilar, though, immediately moved to reassure the cruise industry that he was not trying to SEE PAGE EIGHT

PORT WINNER ‘NOT WORRIED ONE DROP’ BY CRUISE ISLANDS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE winning Nassau cruise port bidder’s chairman yesterday said he is “not worried one drop” about the rapid expansion of the industry’s private

destinations, adding: “We’ll see who wins.”

Mehmet Kutman, unveiling Global Ports Holding’s ambition to increase annual cruise passenger visitors to Nassau to 5m within five years, promised Dionisio D’Aguilar, minister of tourism, that the port’s $250m

BAHAMAS URGED TO TARGET FATF ESCAPE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas has been urged to “prioritise” escaping the Financial Action Task Force’s (FATF) monitoring list as all its recent woes “flow” from this.

Emmanuel Komolafe, a compliance expert, told Tribune Business that the European Union’s (EU) recent listing of this jurisdiction as posing “a high risk” for financial crime, together with previous US and UK government

advisories, all stemmed from the FATF’s assessment that The Bahamas has “strategic deficiencies” in its regulatory regime.

“The main thing we should be focusing on is that FATF list because everything flows from that,” he said. “That should be the focus and the priority; getting off that FATF list.

It’s unfortunate that everything we’ve done, which the regional CFATF has recognised and acknowledged, has not been recognised by the EU and others.

SEE PAGE TEN

‘FRESH IMPETUS’ FOR OIL EXPLORER

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMAS-based oil explorer’s search for a joint venture partner has been given “fresh impetus” by the Government’s extension of its four licences until end-2020.

Simon Potter, Bahamas Petroleum Company’s (BPC) chief executive, told Tribune Business yesterday that the Minnis administration’s confirmation of the extension had given both

itself and potential joint venture “farm in” partners “a clear line of sight” towards the execution of a first exploratory well in Bahamian waters.

Speaking after BPC received “formal notification” from the Government, Mr Potter said it gave the exploration outfit a “level of clarity we’ve not had over the last few years” while providing “a good window” to design “a safe and environmentally responsible” well.

SEE PAGE FIVE

transformation will make newspaper headlines “from Cape Town to Europe”.

Asked by Tribune Business whether he was concerned about the competitive threat posed to Nassau by the rapid expansion of the cruise industry’s private islands and ports

within The Bahamas, Mr Kutman pledged that Prince George Wharf will be upgraded to an “iconic” destination that the industry cannot afford to ignore.

“I’m not worried one drop,” he said. “By the time we get through with this iconic, transformative,

catalyst of a development, we’ll see who wins. I intend to win.... This will be more iconic than anywhere in the world.”

Global Ports Holding’s unveiling as the preferred bidder to take over Prince SEE PAGE SEVEN

$4.24 ATLANTIS SALE ‘OFF THE TABLE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE potential sale of Atlantis to a New Yorkbased real estate investor, which was backed by Qatar’s sovereign wealth fund, has fallen through and will not be revived.

Multiple Tribune Business sources confirmed that staff at the iconic Paradise Island resort have been informed that the deal spearheaded by Ashkenazy Acquisition Corporation and its principal, Ben Ashkenazy, is “no longer on the table” and will not be revived.

This newspaper understands that Ashkenazy, which was backed by Middle Eastern money principally from Qatar, walked away after it uncovered significant “deferred maintenance” issues when it conducted due diligence on Atlantis’s financials and real estate assets.

Had it proceeded with the deal, Ashkenazy and its financiers would have been required to spend significantly more in capital investments than they had initially bargained for, altering the economics and potential return on investment (RoI) they were targeting.

SEE PAGE SIX

PAGE 2, Monday, February 25, 2019

THE TRIBUNE

$5M SOLAR POWER PLANT A STEP TOWARD RENEWABLE GOAL GRAND Bahama Power Company’s $5m solar plant

will be able to supply 850 homes and reduce carbon

dioxide (CO2) emissions by 4,200 tons annually, it has been revealed.

The utility-scale project, which drew Prime Minister Dr Hubert Minnis to its Friday groundbreaking, represents a direct $2m investment into the Bahamian economy. It will sit on 15 acres of land and feature 11,500 photovoltaic panels.

Dr Minnis said GB Power’s plant represented “a relatively small, but important step in the right direction for Grand Bahama and The Bahamas” as the Government targets generating 30 percent of the country’s needs from renewable sources by 2030.

The Bahamas gave an international commitment to meet that threshold as a party to the 2015 United Nations Paris Agreement on Climate Change, and Dr Minnis said: “Solar Sunrise is the first utility-scale solar plant in the country. It will have a total installed capacity of 3.3 megawatts, capable of supplying enough electricity to support over 850 homes on Grand Bahama.

The project represents an over $2m direct investment

PRIME Minister Dr Hubert Minnis (centre) was joined by other Cabinet colleagues and executives of GB Power and the Grand Bahama Port Authority for groundbreaking ceremonies for the proposed construction of the country’s first solar power plant in Grand Bahama. in the local economy. It is a physical hedge against volatile oil prices. This is very good news, given the ongoing fluctuation in global oil prices and the resulting rate volatility.”

Dr Minnis added that GB Power plans to invest more than $18m in renewable energy and smart technology over the next three years to improve reliability and lower energy costs.

“I have been informed that the company has

also already completed studies that show that almost 60MW of renewable energy sources – a mix of distributed and centralised – may be safely incorporated into GBPC’s grid,” Dr Minnis said. “This would account for 30 percent of current energy production in Grand Bahama.”

The Prime Minister added that his administration was making strides in energy sector reform and the greater use of renewable energy. He said a 390KW solar micro-grid should be installed in Ragged Island by the end of the year .

Dr Minnis said the government has introduced additional tax incentives for solar equipment, and plans to retrofit public schools and buildings on New Providence.

“We hope to complete energy audits for an additional eight government buildings in the next few months, including the Cecil Wallace Whitfield Centre in New Providence, which houses the Office of the Prime Minister and the Ministry of Finance,” the Prime Minister said.

“We want to refine the scope of works in order to begin tendering procedures for retrofitting and installing a combined 1MW of solar PV at these buildings by 2020. The approximately

1MW solar car park canopy at the National Stadium should become operational at the end of March.”

The Prime Minister said he has pressed Bahamas Power and Light (BPL) on the urgency to further develop, and begin implementing its strategy, for renewable energy utility generation in the Family Islands.

He added that there are about 80 customers with solar PV systems tied to BPL’s grid, mostly on New Providence, but also on Eleuthera and Exuma, representing around two MW in installed renewable energy capacity.

“However, we know that there are systems in the country that are not yet registered,” Dr Minnis said. “BPL has committed to conducting the necessary public awareness campaigns and registration drives to enable us to have better data on residential and commercial solar PV and other renewable energy systems. I encourage GBPC to do the same.”

Achieving the 30 percent reneawable target, he said, will depend on all Bahamians.

“Although alternative and renewable energy technologies are becoming cost-competitive and better understood globally and in The Bahamas, we still have a very long way to go as a country,” Dr Minnis said.

THE TRIBUNE

Monday, February 25, 2019, PAGE 3

Carnival’s $100m port won’t cut Nassau calls

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

A TOP Carnival executive says its proposed $100m Grand Bahama port will not result in reduced vessel calls to Nassau, while describing its investment as a “no brainer”.

Giora Israel, Carnival’s senior vice-president of global port and destination development, told Tribune Business: “We certainly don’t see the Grand Bahama project resulting

in any reduced calls to Nassau.”

Carnival’s $100m port is billed as its largest whollyowned facility in the world. Mr Israel, who last week addressed the Grand Bahama Business Outlook conference, said the company was “feverishly” working to complete two environmental impact studies and also working to hit several targets to ensure the project is on time.

The port, which will be able to accommodate two 6,000-passenger cruise ships, is expected to be

completed by October 2021.

“We are absolutely convinced that we will stick to this destination for a long time,” said Mr Israel. “We believe in the long-term viability and strength of Grand Bahama; we always did. We ultimately believe in this destination. The port idea was a ‘no brainer’.” he added.

Mr Israel argued that Grand Bahama was not reaching its full potential, and said: ““There is no reason in the world why Grand Bahama cannot be

the maritime centre of the Americas.”

The Carnival cruise port has been on the drawing board for more than a decade, covering both Christie administrations and the last Ingraham administration. It was originally set to be located at Williams Town before the last Christie administration signed the agreement to move it to eastern Grand Bahama. The company now plans to lease 329 acres of land at Sharp Rock, near the University of The Bahamas, for the project.

GIORA ISRAEL

BAHAMAS’ WTO OFFERS ATTRACT EIGHT COUNTRIES

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

AROUND eight countries have expressed interest in The Bahamas’ initial goods and services offers to the World Trade Organisation (WTO), the country’s lead negotiator has confirmed.

Zhivargo Laing, a Cabinet minister under the last two Ingraham

administrations, said that of the WTO’s 164 member countries “not more than eight” had taken an interest in The Bahamas’ offers.

“How many members do you think have taken an interest in The Bahamas’ offer? It isn’t eight. There aren’t but but eight counties who have said: ‘Can we talk about some things?’ They aren’t talking about a lot of things, but they are important. I am having bilateral

[talks] with not more than eight countries,” he said.

Mr Laing said the US was “asking the most questions”, and “occupying most of the time”, in the negotiations over The Bahamas’ accession to full WTO membership. This is not surprising given that the US is by far The Bahamas’ largest trading partner, accounting for most of this nation’s near-$3.5bn annual import bill and close to

$500m in exports.

Mr Laing, who addressed last week’s Grand Bahama Business Outlook conference, said 70 per cent of this nation’s economy was already exposed to free trade. “Seventy per cent of the economy already operates within the strictures of the WTO,” he added.

“I’m really not having a 100 per cent negotiation with anybody. I am having negotiations on the

restricted sectors, about 30 per cent of the economy. If we are successful in our negotiations with the WTO there is no question that the average tariff rate in The Bahamas will reduce from 30 per cent or so to about 15 per cent.”

Mr Laing had previously revealed that The Bahamas’ fourth meeting with the WTO Working Party, made up of nations interested in trading with this country,

has now been pushed back by a further month from March to April 2019.

The Working Party will negotiate the terms of The Bahamas’ accession, and the delay gives the government extra time to consult with the private sector and specific industries on how this nation should respond to the questions and requests prompted by its initial goods and services offers.

PAGE 4, Monday, February 25, 2019

ROBERT LOTMORE

THE TRIBUNE

SECURITIES COMMISION SIGNS NEW DEAL TO ACCESS EU MARKETS CHRISTINA ROLLE

THE Securities Commission of The Bahamas has announced the signing of its 28th agreement to ensure local fund managers have access to European markets.

The Bahamian capital markets regulator has signed its latest Memorandum of Understanding (MOU) under the Alternative Investment Fund Managers Directive

(AIFMD) with BaFin, the German Federal Financial Supervisory Authority.

Robert V Lotmore, the Securities Commission’s chairman, said: “Co-operation with other securities regulators remains a strategic priority for the Commission. It is a critical aspect of good securities regulation, particularly for international financial centres, and the

Commission intends to continue to demonstrate regional leadership in this area.”

AIFMD MoUs allow Bahamas-based alternative investment fund managers to market, or perform fund management activities, in markets supervised by co‐signatory European securities regulators. They also allow European-based fund managers to manage or market Bahamas-domiciled investment funds in markets where the European regulator has entered into an AIFMD MoU with the Securities Commission.

“The Commission is very pleased to have entered the MOU with BaFin,” Christina Rolle, its executive director, said. “We continue to pursue an AIFMD MoU with Italy’s securities regulator, which is the last of the currently eligible European regulators under the AIFMD regime remaining to finalise negotiations with.”

The bi‐lateral co-operation agreement with BaFin came into force on February 15, 2019. Prior to entering the agreement, the Securities Commission had entered into AIFMD MOUs with counterpart securities regulatory authorities in the following jurisdictions: Austria; Belgium; Bulgaria; Cyprus; Czech Republic; Denmark; Estonia; Finland; France; Greece; Hungary; Iceland; Ireland; Latvia; Liechtenstein; Lithuania; Luxembourg; Malta; Norway; Poland; Portugal; Romania; Slovak Republic; Spain; Sweden; The Netherlands; United Kingdom.

THE TRIBUNE

Monday, February 25, 2019, PAGE 5

‘FRESH IMPETUS’ FOR OIL EXPLORER from page one

The government’s licence extension confirmation effectively gives BPC a clear two-year window in which to complete everything required for the drilling of a first exploratory well in waters south-west of Andros, near the maritime border with Cuba.

It provides BPC and any joint venture partner with the certainty and clarity they crave to proceed with their plans, knowing that the “rules of the game” have now been set.

And BPC’s Friday announcement to shareholders and the markets, which produced a bump in its share price to £1.60, also revealed that the Government’s communication addresses more than just licence extensions.

It also requires BPC and the Government to develop a two-year “road map”, or work schedule, setting out technical and environmental issues. This includes BPC obtaining all required “environmental authorisations”.

Both parties must also work together to “reconcile” licence fees paid by BPC to-date, including during the “period of disruption”, with those sums that will be owing to the Government during the upcoming period to end-2020.

The “period of disruption” refers to the time when BPC’s progress was essentially halted as it waited for the former Christie administration to pass legislation to strengthen the regulatory and environmental protection regimes for oil exploration - an objective that was eventually accomplished.

Mr Potter told Tribune Business that BPC “has not been sitting on our hands” during the wait for the government to extend its four licences to December 31, 2020, as it had been working to bolster its chances of success and identify “the optimal location” for its first well.

BPC is now working on securing a joint venture partner to share the financial and technical burden of that first exploratory well, while also obtaining necessary environmental approvals under a process it triggered last April.

“This announcement will give fresh impetus to any discussions that are ongoing,” Mr Potter told Tribune Business of the impact on “farm in” negotiations. “It gives them [potential partners] a clear line of sight.

“That’s a level of clarity we’ve not had over the last few years. It’s part of the sensible approach the Government has adopted here, laying out a clear path for two years, and that can only be good for ensuring the partners we get are top-notch.”

With BPC having already completed its geological studies, Mr Potter said: “We haven’t sat on our hands. We have taken the opportunity to narrow the geologic risk, the technical risk as much as possible and ensure we pick the optimal location and maximise our chances of success.

“There’s oil there; it’s the extent to which it’s there in commercial quantities.

That’s about using our data and the $100m we’ve spent to date, and using the seismic data we have to put the well in the right place.”

Mr Potter conceded there was “still a lot of work to do with the government to ensure we get the complete environmental authorisation” to proceed, with BPC having applied for such approval from April 2018.

Pointing out that BPC had completed an Environmental Impact Assessment (EIA) from 2012, he suggested this process was off to “a very good start”, but the oil explorer still needed to produce an Environmental Management Plan (EMP) setting out how it plans to prevent, mitigate and respond to the risks identified by the EIA. The Minnis administration has hired Black &

Veatch, the environmental and oil industry consultant that analysed BPC’s EIA, to help review the EMP. “We’ve always maintained it would take two years to plan the well and get the necessary government authorisations in place,” Mr Potter said.

“There’s been a certain level of disruption over the licence terms over the last few years, with regard to the introduction of a modernised and strengthened regulatory regime the previous government put in place. We’ve taken the opportunity to speak with the government over the last few months to work out a schedule to get a safe and environmentally responsible well done.”

The BPC chief added the licence fee “reconciliation” would allow both sides to put the issue “to one side” and work it out “in the course of time”.

BPC, in its Friday statement, said it had “received formal notification from the government of The Bahamas..... confirming that the (current) second exploration period of the [four] licences is extended until 31 December, 2020”.

“The company’s obligation during this second exploration period is to safely implement an environmentally responsible exploratory well. At the conclusion of this period, based on the results of the initial exploration well and in accordance with the existing terms of the licences and the pertaining regulations, the company will have the option to apply for a production lease.”

Mr Potter said: “The confirmation from the government of The Bahamas that the current term of our four southern licences extends to 31 December, 2020, provides the company with a certainty of tenure over the company’s licences, replacing any perceived ‘above ground’ issues with complete clarity in fact and law.”

Analytical, Self-Motivated, Team Player, Results Driven If you possess these qualities, we invite you to apply for the position of:

SENIOR INTERNAL AUDITOR Job Summary In this highly visible position, the successful candidate will be responsible for performing audits and anti-fraud investigations.

Responsibilities • Act as lead fieldwork auditor for the team.

• Successfully, plan, coordinate and lead meetings and interviews with all levels of management and employees.

• Conduct and document thorough studies of business processes for areas under audit.

• Develop specific audit procedures that are designed to achieve audit objectives in determining if internal controls provide adequate safeguards to ensure general operating efficiency and compliance with regulations, policies and procedures. In addition, as part of internal audit fieldwork, evaluate the state of management's documentation of controls, and testing of those controls.

• Ensure all specific audit test work is properly performed and adequately documented.

• Ability to summarize, draw conclusions and effectively report testing results. In addition, proven ability to understand, assess and track deficiencies or exceptions noted during testing.

• Ability to provide cost effective solutions and recommendations to problems encountered during the audit.

• Prepare and review detailed audit work papers to substantiate the fieldwork performed, testing results, and audit conclusions reached.

• Prepare audit reports detailing the audit results and findings inclusive of recommendations.

• Ensure audit findings are properly communicated with management and appropriately tracked through remediation.

Qualifications/Experience • Bachelor’s degree in accounting, banking or business related field of study.

• CPA or CIA Designation is beneficial, but not required.

• At least three (3) years’ of progressive audit experience in public accounting or a minimum of five (5) years’ experience in retail banking, including supervisory or managerial experience.

• Strong knowledge of financial, operational and system audits, as well as business process control reviews.

• Proficient in Microsoft Excel and Word programs.

• Exceptional communication and interpersonal skills are required with strong attention to detail and accuracy.

• Exceptional organizational skills with the ability to prioritize, meet tight deadlines and work well under pressure.

• Highly confidential.

• Ability to work flexible hours.

PLEASE SUBMIT BEFORE February 28th, 2019 to:

HUMAN RESOURCES Re: Senior Internal Auditor 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

Claims Engineer Are you a people person? Join a team where people come first.

About Us – A leading regional player in the retail insurance sector, Colonial Group International, with over 300 employees and offices in Bermuda, the Bahamas, Barbados, the British Virgin Islands, the Cayman Islands and the Turks & Caicos Islands, offers a complete range of premier financial and insurance services to our individual and corporate clients. We know that our products make a real difference to our clients and their families.

The Role - Based in Nassau and reporting to the Claims Manager, you will be responsible for locating and assessing damage to vehicles, as well as assessing damage to other personal and commercial properties including residential homes, commercial buildings and other personal property e.g. furniture, jewellery, boats, etc. You will visit and inspect accident scenes and damaged personal and commercial properties, interview people involved with information relevant to alleged claims, gather and analyze data, prepare reports and stay in constant communication with clients, claimants, colleagues and other related parties. You will also be responsible for undertaking administrative and clerical duties to support your primary duties. Excellent and innovative customer service delivery is important to us, critical to our strategic objective of business retention and growth and applies to all roles across the Group.

The Person – You will have a certification in a relevant discipline e.g. automobile estimator, building inspector etc. along with knowledge of building plans and materials and/or auto body and mechanical repairs as well as a minimum of 3 years’ relevant work experience, preferably in an insurance claims environment and/or as an auto mechanic or in a building environment. An Associate degree in engineering or motor mechanic field is preferred. Strong communication (verbal, written and negotiating) and interpersonal skills are essential along with proficiency with the MS suite of products and email software.

The Benefits – We offer an attractive salary and benefits.

To Apply – Please send your resume/cv to our Vice-President, Human Resources at bs_ hr@atlantichouse.com.bs . Closing date for applications is March 1, 2019.

SECURITY & GENERAL INSURANCE COMPANY LIMITED Atlantic House, 2nd Terrace & Collins Avenue P.O. Box N-3540, Nassau, Bahamas tel. 326 7100 www.cgigroup.com A Member of Colonial Group International Ltd. Insurance, Health, Pensions, Life Security & General Insurance is rated A- (Excellent) by AM Best

PAGE 6, Monday, February 25, 2019

ATLANTIS SALE ‘OFF THE TABLE’ from page one

As a result, Ashkenazy attempted to renegotiate the purchase price with Brookfield Asset

Management, the Torontobased asset manager that holds $330bn of global real estate and other properties, among which is Atlantis.

Tribune Business was told that Brookfield, a

NOTICE Notice is hereby given that AA’Kil lightbourne of Flying Fish Street, Carvel Beach, Freeport, Grand Bahama Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 18th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

tough negotiator, was completely inflexible on price and refused to budge on any renegotiation, resulting in the potential purchase foundering.

“I think it’s dead,” one well-placed source, speaking on condition of anonymity, said of the Askenazy deal.

“This is Ashkenazy’s second attempt to close a deal with them. There was a deal previously that didn’t materialise, and this is the second one they attempted.

My understanding is that they just didn’t close.”

They added that Tribune Business’s description of why the proposed purchase failed was “pretty accurate”, and added: “The last conversation I was involved in, they couldn’t reach an agreement. When they got into the weeds deferred maintenance came up, they

THE TRIBUNE

couldn’t reach an agreement and they walked.”

Another source, also speaking on condition of anonymity, said Brookfield and Ashkenazy had managed to sign a Letter of Intent, with the latter given a 30-day due diligence period on Atlantis’s books and assets.

“They found more and more issues and they walked,” they said of Ashkenazy. “I think anybody that looks at that property, the first thing they’ll say when they get in the gates and look at it is that there’s deferred maintenance today and going into the future, and how much is it going to cost on an annual basis to keep this thing ticking over. It’s got to be very expensive. It’s a complicated asset, that’s for sure.”

Tribune Business was told that Ashkenazy, whose investments include New York’s Plaza Hotel and Washington D. C.’s Union Station, together with other resort, office and retail assets in major cities throughout the US, had conducted due diligence to the extent it even conducted a scouting mission on Atlantis’s local competition - Baha Mar. “The investment strategy aims to acquire

irreplaceable properties in premier locations with the potential for significant increase in cash flow and residual value. Ashkenazy Acquisition’s diverse portfolio and in-house team are well-positioned to maximize opportunities throughout the country,” Ashkenazy’s website states.

“As a privately held company, Ashkenazy Acquisition is flexible and able to respond quickly to new opportunities, allowing for significant increase in the size and quality of holdings. Strong banking relationships and significant discretionary equity allows Ashkenazy Acquisition’s finance team to expedite analysis and accelerate the closing process.”

Sir Franklyn Wilson, the Arawak Homes chairman, had told Tribune Business early in the New Year that there was “a high possibility” Atlantis may be sold this year and receive a significant injection of investment capital. That

may now not happen.

This newspaper was told that another issue facing Brookfield, which is an asset manager of underlying real estate, is that it has had to become much more involved in Atlantis’s dayto-day operations than it likes.

Brookfield has also twice refinanced Atlantis’ debt, the last transaction occurring in mid-2018, and previously sold the Ocean Club to Len Blavatnik’s Access Industries to raise principal to pay down that debt.

Morningstar Credit Ratings, the investment analysis firm which assigned the highest ‘triple-A’ rating to the most senior financing tranches in Atlantis’s last $1.85bn refinancing, revealed in a July 2018 report that the resort “feels strongly” that Baha Mar’s emergence will not impact its long-term performance after net operating income jumped 27 percent for the 2018 first quarter.

THE TRIBUNE

Monday, February 25, 2019, PAGE 7

PORT WINNER ‘NOT WORRIED ONE DROP’ BY CRUISE ISLANDS from page one

George Wharf’s management and operations, and oversee its redevelopment, comes amid rapid expansion of the cruise lines’ private locations in The Bahamas - and their investment in them.

Besides the just-revealed $100m Carnival cruise port in Grand Bahama, the Mexican cruise port developer, ITM, has teamed with Royal Caribbean to propose Freeport harbour’s transformation into a waterbased adventure theme park destination that also

includes the Grand Lucayan resort’s acquisition,.

Elsewhere, the Government has approved Disney Cruise Line’s Lighthouse Point project for south Eleuthera; Mediterranean Shipping Company (MSC) is developing its own private island destination on Ocean Cay; and Royal Caribbean is pumping a $250m investment into its Coco Cay private island.

Sir Richard Branson’s Virgin group has also just become a major player in the cruise industry with the announcement of sailings from New York to Bimini, all of which

NOTICE Notice is hereby given that JOACHIN PATRICK of P.O. Box AB-20291 Dundas Town Abaco, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 18th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

suggests that Nassau faces fierce competition from the industry’s whollyowned destinations where the economics heavily favour the lines.

And, with the Government rejecting a cruise-line backed bid for an independent Nassau port manager, in the shape of Global Ports Holding, there are fears that the industry may retaliate by diverting voyage itineraries from Nassau to its own islands and deprive Bahamian-owned businesses of much-needed commerce.

Mr D’Aguilar, though, yesterday echoed Mr Kutman’s line, adding that the Government, too, was “not worried” about any cruise line desertion of Nassau given the industry’s demand for more and more destinations as a result of its rapid expansion.

Pointing to the 80-90 new cruise ships currently under construction, he said: “I think there’s lots of business to go around for everyone in The Bahamas.

We have to do something with the port of Nassau.

There are four to five ports in the Caribbean under renovation right now. For us to remain relevant we have to bring about this transformation.”

Mr D’Aguilar said he

“gets goose bumps” from watching a video of Global Ports Holding’s plans for Nassau, which are centred on transforming the cruise port into such a must-see destination for cruise passengers that the lines will have no choice but to respond to customer demand and visit - even overnight.

“The minute they arrive they’ll know this is a port unlike any other,” Global Ports Holding’s video shows. All retail, restaurant and other vendors in the port area will be Bahamianowned, and it will feature a Junkanoo museum to showcase this nation’s culture and history.

An “open air amphitheatre” will feature local and international concerts, shows and special events, which will “create an incentive” for cruise ships to stop in port. Laser-light shows will be one feature at night, while taxi drivers and tour operators will have better access to passengers.

Mr D’Aguilar said the Government was eyeing a 25-year lease concession deal with Global Ports Holding, although the commercial terms and other details will have to be negotiated between the two sides during a period

expected to last between 60-120 days.

The UK-listed, Turkish headquarter port operator is proposing to add two new berths to accommodate the world’s largest cruise ships, while also filling in the space between the harbourfront and existing first cruise berth to create land for its amphitheatre events destination.

Construction is likely to take two years from when the management agreement is sealed, and Mr Kutman yesterday pledged that “not a single [cruise ship] call will be cancelled or changed” as a result of Prince George Wharf’s physical transformation.

The Global Ports Holding chairman said the necessary financing for the $250m project was already in place with the company’s US banks, and added that it planned to proceed with the necessary environmental and geotechnical studies on the port’s redevelopment before the agreement with the Government is sealed.

“We’re just beginning the negotiating process, and there will be twists and turns and changes along the way,” Mr D’Aguilar said.

“What you saw was the dream. You have to start with a dream.”

Nassau Cruise Port Ltd will be formed as a special purpose vehicle (SPV) to manage the port, with Global Ports Holding possessing 49 percent of

its equity under the current model. A further 49 percent will be owned by the Bahamas Investment Fund, a vehicle that will pool investments from thousands of Bahamians, with the remaining 2 percent controlled by the YES Foundation that will be established to fund youth, educational and sporting activities.

Anthony Ferguson, CFAL’s president, said the Bahamas Investment Fund would be distributed via a “bottom up” approach favouring small, ordinary Bahamian retail investors. Minimum investments will be $1,000, with Global Ports Holding making available a $10m loan facility to help Bahamians purchase shares.

Mr Ferguson explained the Fund was being structured to avoid ownership being concentrated in the hands of a few, with ambitions for it to become “the largest investment available to Bahamians to-date” by attracting 20,000 to 30,000 investors.

He added that Global Ports Holding’s funding was, at present, split 70/30 between debt and equity, although that mix could change. The majority of the funding is to be raised in The Bahamas.

A further $5m facility will be made to finance Bahamian small businesses who “meet the underwriting criteria”, with the YES Foundation financed by an initial $3m grant.

PAGE 8, Monday, February 25, 2019

THE TRIBUNE

CRUISE LINES TOLD: ‘DON’T FEAR’ YOUR BID’S REJECTION from page one

diminish its importance.

And he emphasised that their Nassau business and calls would not face any disruption, financial or otherwise, once the government concludes management/ operator agreement terms with Global Ports Holding.

He added that the government would “retain” certain rights under any deal with the UK-listed, Turkish-headquartered port operator, including berthing policy and the pricing of any passenger facility fee (PFF) charges that will provide the revenue stream necessary to finance the Nassau cruise port’s redevelopment and repay investors/ financiers.

“We’ve recently allowed Disney to go into south Eleuthera, and the Carnival deal in Freeport,” Mr D’Aguilar said in reference to the cruise lines’ private ports and islands. “So we recognise the importance of the cruise companies. They are an integral player, and

we will give them assurances not to be fearful.

“The Bahamian government retains the rights to the berthing policy. We will give the legacy cruise companies preferential treatment and, on the pricing, they’re the customer and we will be very mindful of their comments. The government will not abdicate in totality it’s right over the setting of passenger facility fee charge (PFC).”

The cruise ships currently pay $18 per passenger “head tax” to the Public Treasury, now that rebates ceased from June 30 last year, plus an estimated $3-$4 per head in docking fees. This takes the total levy imposed on them to around $21-$22 per passenger.

“The new charge will not be materially off that,” Mr D’Aguilar told Tribune Business. “The Government will still get its $18, and there will likely be an incremental charge or increase to fund this substantial investment. Every proposal proposed to increase that charge.”

Mehmet Kutman, Global Ports Holding’s chairman, yesterday pledged that the cruise port’s management outsourcing would result in no change to the government’s $18 per head tax take.

And he suggested that the cruise lines typically overplayed the issue, pointing to financial filings with the US Securities & Exchange Commission (SEC) which showed that port charges typically accounted for just 1.5 percent of their annual costs.

“These port charges are being made a big issue by the cruise lines but they shouldn’t be,” Mr Kutman said. He added that Nassau “deserves” to be charging as high or close to Havana, a port Global Ports Holding also manages, and which it wants to get to a $75 fee by 2022.

The Global Ports chair said Nassau fees would not go so high, but argued that The Bahamas as a destination was generally being “undersold” when set against the quality of its tourism product. Only

the air fares, Mr Kutman added, were expensive.

Mr D’Aguilar reiterated that port-related fees and charges were “a very sensitive issue” for the cruise lines, and any changes in Nassau would only be undertaken after a period of consultation and “benchmarking” against what is charged by rival Caribbean ports.

“We will ensure it remains affordable, reasonable and give them [the cruise lines] advance notice if there are to be increases, which will be benchmarked with other destinations,” the minister said. “We will have a passenger facility charge in much the same way as the airport, but it will not be significantly greater than what it is now.”

Expressing hope that the Nassau cruise port’s “transformation” will yield economic benefits for all downtown merchants and vendors reliant on the sector, Mr D’Aguilar said he was aiming to boost per capita passenger spending beyond the current $70$100 level.

“Obviously we would like to increase that 20-30 percent or even higher,” he said. “Another thing we need to take into consideration, but which we seem to ignore, are the crew of the ship. With 3.6m passengers coming to Nassau every year there are probably 2.5m crew.”

Mr D’Aguilar, arguing that The Bahamas must be “ingenious and creative” to get cruise ship crew “off the boat”, said many were likely to currently “talk down the destination”.

Global Ports Holding, which effectively kick-started the bidding battle to take over Nassau’s cruise port through the “unsolicited” management proposal it submitted to the Government last year, had to see off two rivals - the $125m offer by the Port of Nassau Partnership, featuring an alliance between Bahamian investors and the cruise lines, and the $225m

proposal from a consortium headed by Bahamian investment house, Providence Advisors.

Tribune Business understands that the choice eventually boiled down to the duelling Global Ports Holding and Port of Nassau Partnership bids, with both asked to give Cabinet presentations the week before last.

Besides the “conflict” over any cruise line involvement/ownership of Nassau’s cruise port manager, this newspaper was told that another concern related to the fact that the Port of Nassau Partnership’s $125m bid was half the investment value of the sum Royal Caribbean alone is pumping into its private island, Coco Cay. As a result, there were fears that the cruise linebacked bid would do “just enough” to keep Nassau a viable port of call - something that fell short of the “transformation” deemed necessary by the Government and downtown stakeholders to preserve the city’s cruise tourism competitiveness.

Ed Fields, the Downtown Nassau Partnership’s (DNP) chairman, hailed Global Ports Holding’s selection as “a great day for The Bahamas” and compared the cruise port’s redevelopment to the overhaul of Lynden Pindling International Airport (LPIA) one decade ago.

“It is a great day for The Bahamas, and having had the privilege of serving on the LPIA board when it oversaw the NAD (Nassau Airport Development Company) development, this announcement can be seen in a similarly positive light with similar expectations,” Mr Fields said.

“It will remove from the capital the constant criticism with respect to the experience at Prince George Wharf, and will become both the gateway into the city and a significant catalyst in its redevelopment.”

He added: “The DNP, first and foremost, is extremely pleased that, at long last, a decision has been made to move forward with the port development.

“We are also pleased that Global Port Holdings was selected based on what we see as their vision for the port’s development and its integration into the overall revitalisation of downtown.

“Global Ports Holding reached out to the DNP, as they had done with an array of stakeholders, even prior to the RFP being initiated - when they offered an unsolicited proposal - and we are comfortable that they will be good partners in the redevelopment of downtown Nassau.”

The government’s political Opposition were much more muted in their reaction to the Global Ports Holding announcement, adopting a “wait and see” approach until all details of the agreement were made public.

Fred Mitchell, PLP chairman, in what he described as “initial reactions” said: “We need to see the absolute details.” He urged that there be “no participation” from any shareholder in Arawak Port Development Company, the BISX-listed container port operator, although he did not make clear whether this just referred to owners of the shipping companies that hold a collective 40 percent of its equity or also included the 12,000 Bahamians that have another combined 20 percent.

Urging that it emulate “the NAD model”, and that there be “no sale of the port” itself, Mr Mitchell also said that “Bahamians at large must have shares and the financing provided to buy the shares.”

He added: “Bahamian vendors are a must, and appropriate access for taxi drivers and other Bahamian transport interests.” Almost all Mr Mitchell’s concerns were addressed at yesterday’s unveiling of Global Ports Holding’s selection.

GSC MANAGEMENT COMPANY BAHAMAS LTD.,

HAS THE FOLLOWING OPPORTUNITIES NOW AVAILABLE ON GREAT STIRRUP CAY IN THE BERRY ISLAND A NORWEGIAN CRUISE LINES PRIVATE ISLAND:

2-COOKS 1-DISHWASHER 4-LANDSCAPERS 8-YARD/BEACHSTAFF, 3- RESTROOM ATTENDANTS 1-HR Specialist/Administrator This is a great experience for motivated, optimistic employees.

Applicants must be a Bahamian Citizen.

Please submit Resume and References via email to:

GSCBahamas@gmail.com

PAGE 10, Monday, February 25, 2019

THE TRIBUNE

BAHAMAS URGED TO TARGET FATF ESCAPE from page one

NOTICE

NIEBE INVEST S.A (Voluntary Liquidation)

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 8thday of January, 2019.

The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator)

MARKET REPORT THURSDAY, 21 FEBRUARY 2019

“Speaking to persons in the industry, there’s a consensus in that regard, as everything seems to be flowing from that.”

He spoke out after the FATF, the global standard setter in the fight against anti-money laundering and counter terror financing (AML/ CFT), gave somewhat grudging recognition of The Bahamas’ progress in addressing these weaknesses.

While giving this nation credit for passing the Register of Beneficial Ownership Bill and introducing “codes of practice” for various professions, the FATF then merely proceeded to re-list the seven areas where it wanted to see The Bahamas make progress.

“Since October 2018, when The Bahamas made a high-level political commitment to work with the FATF and CFATF to strengthen the effectiveness of its AML/CFT regime and address any related technical deficiencies, The Bahamas has taken steps towards improving its AML/CFT regime, including by enacting the Beneficial Ownership Law and issuing codes of practice for lawyers, accountants, and the real estate sector,” it said.

Carl Bethel QC, the attorney general, said of the latest FATF assessment: “I think that’s as about as much as we could get out of them. I would take that as an acknowledgement of progress that we’ve made, and an indication of a couple of areas where we should have more improvement, but at least we’re on the road to getting this thing resolved.”

He added that addressing FATF-related issues had been a concern for the Minnis administration since it was elected, as indicated by all the legislation passed

by Parliament.

NOTICE

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

SORINO INVEST S.A (Voluntary Liquidation)

BISX ALL SHARE INDEX: CLOSE 2,067.76 | CHG 0.03 | %CHG 0.00 | YTD -41.69 | YTD% -1.98 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.77 0.80 3.68 10.20 6.60 4.74 12.50 2.74 1.81 8.50 6.40 14.10 6.99 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 10.10 5.85 3.24 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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 Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL LAST CLOSE AML 4.37 APD 17.43 BPF 7.00 BWL 5.39 BOB 1.77 BBL 0.80 CAB 2.28 CIB 9.85 CHL 6.16 CBL 4.30 CBB 10.99 CWCB 2.61 DHS 1.78 EMAB 8.61 FAM 6.40 FBB 14.10 FIN 6.98 FCL 3.24 JSJ 13.85 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL 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 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.37 17.43 7.00 5.39 1.77 0.80 2.28 9.85 6.16 4.30 10.99 2.65 1.78 8.60 6.40 14.10 6.98 3.24 13.85

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 -0.01 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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 0.00

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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

VOLUME

70,768

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.150 0.090 0.600

P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 27.9 17.5 26.0 8.5 N/M 13.3 18.5 12.1 11.7 21.9

YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.50% 0.00% 7.21% 3.57% 2.79% 5.64% 2.26% 3.37% 0.98% 3.75% 3.55% 2.15% 2.78% 4.33%

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 Prime + 1.75% 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%

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.69 1.12 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 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 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

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

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

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 8thday of January, 2019.

The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator)

PAGE 12, Monday, February 25, 2019

THE TRIBUNE

ICELAND TO KEEP HUNTING WHALES REYKJAVIK, Iceland Associated Press

ICELAND’S whaling industry will be allowed to keep hunting whales for at least another five years, killing up to 2,130 baleen whales under a new quota issued by the government.

The five-year whaling policy was up for renewal when Fisheries Minister Kristjan Juliusson announced this week an annual quota of 209 fin whales and 217 minke whales for the next five years.

While many Icelanders support whale hunting, a growing number of businessmen and politicians are against it due to the North

SEAGULLS mill around in search of food as a whale is hauled onto a fishing boat off the west coast of Iceland.

Atlantic island nation’s dependence on tourism.

Whaling, they say, is bad for business and poses a threat to the country’s reputation and the expanding international tourism that has become a mainstay of Iceland’s national economy.

“We risk damaging the tourism sector, our most

important industry,” legislator Bjarkey Gunnarsdottir said, referring to the international criticism and diplomatic pressure that Iceland faces for allowing the commercial hunting of whales.

The Icelandic Travel Industry Association issued a statement on Friday saying the government was damaging the nation’s “great interests” and the country’s reputation to benefit a small whaling sector that is struggling to sell its products.

“Their market for whale meat is Japan, Norway and the Republic of Palau,” the tourism statement said.

“Our market is the entire globe.”