05022018 business

business@tribunemedia.net

WEDNESDAY, MAY 2, 2018

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Water Corp ‘aggressively’ targets $45m deadbeats

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Water & Sewerage Corporation is aiming to cover 100 per cent of its expenses by 2020, as it “aggressively” pursues deadbeat customers owing more than $45 million.

Adrian Gibson, the Corporation’s chairman, yesterday told Tribune Business that it planned to deploy a full arsenal of collection tactics to reduce its delinquent accounts burden and achieve self-sufficiency.

With 83 per cent of delinquent accounts located in New Providence, Mr Gibson said the stateowned water provider planned to take the offensive following an internal restructuring that involves a merger of the Corporation’s call centre with its credit

* Pursuing 100% cost coverage by 2020 * Chair says delinquents face full arsenal * Customer debts up 32% in eight years * ‘Roving collectors’; illegal meter focus

ADRIAN GIBSON collection and customer service functions.

Following the termination of external collections agencies, he added that

the focus on non-paying customers was critical to a turnaround strategy that aims to “progressively reduce reliance” on the Bahamian taxpayer - who in the past has been called upon to provide annual subsidies of $30 million or more to the Corporation.

Besides disconnections, phone calls and legal action, Mr Gibson said “roving collections teams” will be deployed in the Family Islands to visit non-payers in person - especially large customers and businesses.

A crackdown on the illegal use of meters, and commercial properties paying for

water at residential rates, is also anticipated.

Reiterating that the Corporation must be run as a business, the chairman also promised that meter readers will have a daily target for the number of readings they must do. Pledging the increased use of technology, plus better data sharing and collection, Mr Gibson said he wanted to cut the time between meter reading and customer billings by one-third.

Describing the Corporation as being in the “first

SEE PAGE 3

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Gov’t ‘must do better’ defending The Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER attorney general yesterday urged the Government to “do a better job” of safeguarding The Bahamas from “protectionist” attacks disguised as global regulatory initiatives.

Alfred Sears QC, pictured, again demanded “full disclosure” of the Minnis administration’s commitments to the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD), arguing that it was impossible to assess “the efficacy” of proposed legislation without understanding the scope of these obligations.

He warned that the Bahamas was making the mistake of viewing the EU and OECD initiatives as

* EX-AG DEMANDS ‘FULL DISCLOSURE’ ON EU/OECD * DEMANDS ‘PROTECTIONISM DISGUISED AS REGULATION’ * ASK: ‘WHAT IS OUR MEDIUM/LONG TERM GAME PLAN?’ “isolated problems” that only impacted the financial services industry, rather than the “bigger picture” of national sovereignty and the imposition of rules that this nation had no say in crafting.

Questioning whether The Bahamas has a “medium

SEE PAGE 6

WATER CORP: BTC-STYLE PRIVATISATION ‘COULD WORK’ Opposition urges

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE WATER & Sewerage Corporation’s chairman yesterday said he will suggest a BTC-style privatisation for the utility when he meets with the Prime Minister and other Cabinet members.

Adrian Gibson, also the Long Island MP, told Tribune Business that a public-private partnership (PPP) type model, where the Government sold a significant equity stake to a private investor, “could work at Water & Sewerage”.

Emphasising that this was not government policy, Mr Gibson said: “One of the

* Chair: Not policy, but will suggest to PM * Eyes $4m boost from billing method change * Billing cycle cut eyed; tariff rise explored points I am going to advocate when I speak to the Minister [of Works], Prime Minister and others, is the potential for the Water & Sewerage Corporation to take on the style of a BTC, a PPP, in the future.”

Pressed for more detail, Mr Gibson said he was not suggesting a management company to run the Corporation’s operations but, rather, a similar structure to the 2011 BTC privatisation where a majority 51 per cent equity stake was sold

Mobile data usage up 30% pts in 2017

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MOBILE broadband penetration jumped by 30 percentage points inside one year, it was revealed yesterday, with four out of every five Bahamians using the product by year-end 2017.

The Utilities Regulation and Competition Authority

* SECTOR COMES ‘ALIV’ WITH 80% USING * INDUSTRY’S OVERALL TOP-LINE ‘STAGNANT’ AT $409M (URCA), unveiling its 2017 annual report, said the improvement from 2016’s

SEE PAGE 2

to Cable & Wireless Communications (CWC).

Despite the Christie administration’s tinkering, CWC has retained the largest shareholding and Board/ management control, and Mr Gibson yesterday advocated for the Water & Sewerage Corporation “a similar set-up to BTC, where they have a PPP and the Government owns a percentage and a private entity owns a percentage.

“I think what BTC has done, that approach could work at the Water

& Sewerage Corporation. That’s just my opinion. That’s not government policy,” he added.

Any talk of PPPs and privatisation, especially a structure based on the “BTC model”, will likely trigger alarm bells among Corporation staff and the two trade unions that represent them, given that the instinctive reaction is to fear for their jobs and benefits.

SEE PAGE 5

fly fishing clarity

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE OPPOSITION’S leader yesterday urged the Government to clarify the “uncertainty” surrounding the flats fishing regulations, as the industry has “never been better” since their enactment.

Philip Davis described the ongoing confusion over whether the regulations, enacted in early 2017, have been suspended as “worrying”.

“One of the topics out there that is very worrying

* PLP CHIEF: SUSPENSION UNCERTAINTY ‘WORRYING’ * INDUSTRY ‘NEVER BEEN BETTER’ SINCE REGULATIONS * ASSOCIATION WARNS OF SECOND HOME EXODUS to me is the suspension of the fly fishing regulations,” the Cat Island, Rum Cay

SEE PAGE 4

PAGE 2, Wednesday, May 2, 2018

THE TRIBUNE

Insurance industry Mobile attends FATF forum THE BAHAMAS Insurance Association (BIA) was represented at the recent Financial Action Task Force (FATF) Private Sector Consultative Forum (PSCF) dealing with financial crime.

Emmanuel Komolafe, its chairman, attended the high level meeting from April 23-24 at the United Nations Office on Drugs and Crime in Vienna, Austria.

The Forum discussed FATF initiatives aimed at combating money laundering and countering the financing of terrorism.

The BIA was invited by the FATF, via the Attorney General’s Office, to participate. Given recent Bahamian discussions on the anti-money laundering/counter terror financing (AML/CFT) regime with respect to the insurance sector, the industry felt it ought to be represented on the global stage.

The PSCF is an annual meeting hosted by the FATF, where issues affecting the private sector and non-governmental entities subject to anti-money laundering and counter-terrorism financing obligations are discussed.

The FATF, which sets global regulatory standards in the financial crime fight, believes these meetings enable it to better understand how such legal requirements are affecting the private sector.

This year, the Forum focused on global priorities for anti-money laundering/counter terror financing in 2018; the risk-based approach for the life insurance sector and securities sector; nonprofit organisations; the

data usage up 30% pts in 2017 FROM PAGE ONE

EMMANUEL KOMOLAFE

risk assessment process; the Mutual Evaluation process; money transmission/remittance businesses; de-risking; Fintech/Regtech; Digital IDs and virtual currency.

There was a specific session focused on updates to the RBA (risk-based assessment) guidance for the life insurance sector, which was issued in 2009.

There was a general consensus among participants that the insurance sector poses a low risk for money laundering/terror financing abuse within the financial services industry.

And, within the already low-risk insurance sector, the money laundering/ terror financing risk within the non-life insurance niche is very low when compared with life and investment-related insurance products.

50 per cent penetration rate was just one of the benefits flowing from the arrival of mobile competition late that year.

With Aliv’s services available to 95 per cent of The Bahamas’ populated areas by year-end 2017, the regulator said: “URCA considers that the introduction of competition in the cellular mobile market has proceeded in a robust manner, and has already begun to deliver benefits to the population in terms of better quality, prices and availability of services.

“More than 95 per cent of the Bahamas can access LTE (Long Term Evolution) mobile services with high speed data connections, and penetration of mobile broadband grew from just over 50 per cent at the end of 2017 to over 80 per cent at the end of the year.

“While URCA has not conducted a full review of prices and quality of service, URCA is confident that the value delivered in the mobile sector was greatly enhanced by the introduction of competition in that market.”

Data released by URCA yesterday showed a 64 per

PRIVATE EQUITY FIRM IS WINNING BIDDER FOR WEINSTEIN CO

cent year-over-year jump in mobile data subscribers following Aliv’s November 2016 launch, with numbers increasing from 200,696 to 329,244. Penetration rates increased from 53.09 users per 100 persons in 2016 to 89.09 last year.

Prepaid subscribers still represent the bulk of the Bahamian mobile communications market at 86 per cent, with URCA’s voice subscriber numbers suggesting the market was beginning to calm following the intense competition for customers sparked by Aliv’s introduction.

“There were 353,540 mobile voice subscribers throughout The Bahamas in 2017. This figure is a modest decrease from 2016, when voice subscribers totalled 360,200, likely due to market settling following the introduction of competition,” URCA said. “The corresponding penetration rate in 2017 was 92.44 versus 95.31 per 100 subscribers in 2016.

“Mobile data-only service is another growing market, and relates to the total number of active subscribers to mobile Internet service via a laptop, tablet with 3G/4G connectivity or a USB dongle.

“Mobile data-only subscribers is a useful indicator

to monitor, as the service can be a potential substitute for fixed broadband Internet. During the year 2017, there were 23,080 subscribers to mobile data only services.”

Despite the surge in mobile data use and penetration, URCA said the communications sector’s 2017 revenues were “stagnant” at $409 million - likely resulting from reduced mobile prices as a result of competition, as well as the continued decline in fixedline phone penetration.

“The number of fixedline subscribers fell from 121,178 in 2016 to 113,852 in 2017, with a corresponding decrease in the penetration rate from 32.05 in 2016 to 29.77 subscribers per 100 population in 2017,” URCA said.

Pay television revenues rose slightly year-over-year, from $53.843 million in 2016 to $55.396 million last year, as BTC’s Flow TV product continued to penetrate a market still dominated by Cable Bahamas.

Subscriber numbers also rose slightly - from 74,381 to 76,278 - as competition started to pick up between the duopoly that dominates the Bahamian market.

“Fixed broadband subscribers increased marginally by 0.27 per cent to

a total of 86,868 subscribers from 2016, which was 86,628. Conversely, the penetration rate fells slightly to 22.71 subscribers per 100 population,” URCA added.

As for the electricity sector, which it also now regulates, URCA said: “Total commercial generation capacity installed throughout the Bahamas is about 645 Mega Watts (MW), serving approximately 142,000 consumers split 80 per cent residential to 20 per cent commercial.

The sector directly employs approximately 1,350 people.

“Total sector revenues during 2016 (URCA is not in possession of complete 2017 information) amounted to approximately B$513 million, and electricity prices have remained stagnant, with BPL charging between 10.95 and 14.95 cents per kWH (kilowatt hour), plus a variable fuel surcharge based on a passthrough of the cost of the fuel used by BPL in generating power during the relevant period. During 2017, the fuel charge ranged from a low of just under 12 cents to a high of approximately 15.5 cents per kWH.”

NEW YORK Associated Press

The Weinstein Co announced in a statement that no other bidder made a better offer than Dallasbased Lantern Capital, which made a “stalking-horse” bid last month to pay $310 million in cash for the Weinstein Co’s assets. The emergence of another qualified bidder would have triggered an

auction leading to higher sale price.

The sale is subject to approval by a Delaware bankruptcy court, which has set a sale hearing for next week. The sale faces numerous objections that must be resolved, some from actors including Jennifer Lawrence, Meryl Streep and Brad Pitt.

A PRIVATE equity firm emerged yesterday as the winning bidder for the Weinstein Co, the studio forced into bankruptcy by the sexual misconduct scandal that brought down Hollywood mogul Harvey Weinstein.

CBH BAHAMAS LTD.

Notes to Consolidated Financial Statements Year ended December 31, 2017 (Expressed in Swiss Francs)

1. General information The accompanying consolidated statement of financial position is an extract from CBH Bahamas Ltd.’s (“the Bank”) consolidated financial statements. The auditors’ report included herewith should be read in conjunction with the full set of consolidated financial statements, which can be obtained at, or requested in writing from, the Bank’s registered office, CBH House, East Bay Street, Nassau Bahamas.

THE TRIBUNE

Wednesday, May 2, 2018, PAGE 3

Water Corp ‘aggressively’ targets $45m deadbeats

FROM PAGE ONE year of a three-year recovery period”, he outlined his ambition to transform it into “a highly regarded, self-financing service provider”.

“What we hope is for 100 per cent of operating costs, maintenance and interest expenses to be fully covered by the 2020 fiscal year,” Mr Gibson told Tribune Business, a goal that fits with the Government’s drive to make all stateowned enterprises (SOEs) self-sufficient.

“Given that we want to aggressively collect the Corporation’s money, we’ve developed accounts receivables reduction strategies that involve a combination of methods. What has happened in the past, we don’t find it workable.

“Notwithstanding the external collections agencies, accounts receivables have grown and are now $45.095 million.” Data seen

by Tribune Business shows that some 83 per cent of this sum, or $37.431 million, is owed by delinquent New Providence customers, with the balance - $7.664 million or 17 per cent - due from those on other islands.

Some $35.185 million, or 76 per cent, of the Corporation’s accounts receivables are 90 days or more past due, which - in banking terms - means they are non-performing. The total sum owing also increased by 32 per cent, or $10.92 million, during the eightyear period from January 2010 to March 2018, further adding to the utility’s cash flow problems.

When it comes to the Family Islands, Abaco and Eleuthera account

for two-thirds of the nonNew Providence customer receivables, contributing $2.781 million and $2.626 million, respectively. However, the data shows that the sums owed on both islands actually declined, by 23 per cent and 6 per cent, respectively, during the eight years to March 2018.

The huge collective debt owed by customers is a major obstacle to both the Corporation’s financial performance and its ability to operate as a business, with Mr Gibson revealing that it had made “some internal adjustments to our financial model” so it could focus on the collections effort.

“A primary reason for developing this model is the increasing cost of water production, and the fact we must be able to make up for required operating expenses and capital expenditure,” he told Tribune Business.

“The accounts receivables strategy should provide a blueprint for recovering outstanding debt for the Water & Sewerage Corporation...

It will aid in the financial transformation of the Corporation, so that Water & Sewerage transforms itself into a highly-regarded, selffinancing service provider.

“While collecting these sums we must also simultaneously address our internal financial model so the Corporation doesn’t get to this point again, and also streamline the Corporation and its operations so it can operate like a properly functioning business.

No business can have this kind of receivable and be profitable.”

Mr Gibson disclosed that the Corporation was aiming to reduce ‘days in accounts

receivable to less than 100’, adding: “To be frank with you, I wanted to be way below 100 days by then.”

Describing revenue increases as “our overarching goal”, he acknowledged that cash collection efficiency was “below standard” on some Family Islands.

Warning delinquent customers of what is to come, the chairman added: “We are employing aggressive collection methods, visiting large customers, business houses, and using the telephone. There will be roving collections teams throughout the Family Islands.

“We’ll take this approach on all Family Islands and New Providence. We’ll engage in weekly disconnection exercises, and quarterly marked disconnection exercises.” Mr Gibson said radio and other advertisements would precede the latter, with full tracking of their effectiveness and the response by delinquent customers.

He also promised an “aggressive write-off” of aged receivables that were impossible to collect, especially in the case of damaged and unoccupied properties, premises where meters had been removed, and where clients have left the Bahamas.

“We’re going to have staff retrained in writingup these adjustments, and to ensure accountability a tracking log of these adjustments will be kept by the Finance Department and Family Islands unit, documenting the type of adjustment, the date, and the intent of the adjustment,” Mr Gibson added.

“In terms of the delinquency process, we are going to engage in phone

calls and issue delinquency letters. These will speak to legal actions, and legal action will be taken. We’re looking to update customer accounts with phone numbers and other data.”

Meter reading audits will also be employed by the Corporation, with meters sent to the accounting department “for verification” once read - and prior to bills being sent out. The electronic transfer of meter readings, Mr Gibson added, would reduce the potential for data losses and the ‘time lag’ between readings and

the dispatch of customer bills.

“We are going to locate and update all water meter installations on New Providence before the end of this year,” he told Tribune Business. “This will ensure that all meters are installed, and no one is using our meters illegally without us knowing “We will ascertain which properties are rental properties, and which properties are commercial properties.

We have some commercial properties paying as residential.” Daily targets will be set for meter

readers, while a meter sequencing survey will also be conducted.

Mr Gibson said the internal reforms, and delinquent accounts drive, were intended “to develop a working structure for Water & Sewerage Corporation to manage its collection process and deal with customers”.

He added: “This will allow the Water & Sewerage Corporation to progressively reduce its reliance on the Government purse, and position itself for growth and development.”

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AUDIOVISUAL & PRODUCTION TECHNICIAN Core Responsibilities: The Audiovisual & Production Technician will be responsible for assisting with the daily operations of the Zamar Group of Companies Limited Audiovisual & Production Department activities, services and functions. Responsibilities will include (but are not limited to): • • • •

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Must possess a valid Bahamian driver’s license.

Resumes should be forwarded to humanresources@zamargroup.com for immediate review and consideration by Friday, May 11th, 2018.

Absolutely No Telephone Inquiries.

PAGE 4, Wednesday, May 2, 2018

THE TRIBUNE

Opposition urges fly fishing clarity FROM PAGE ONE and San Salvador MP said. “During our last term in office we put in place specific regulations to govern this industry.

“The intent of the regulations was to protect Bahamian jobs, preserve the fly fishing flats for future generations, and create another stream of revenue.

It was reported that regulations were suspended by Cabinet conclusions, but without a formal order of revocation it is challenging to appreciate how could the public servants go about not enforcing these rules.”

Mr Davis added: “There is much uncertainty as to what the status is. What we do know is that it is said to have been suspended. We object to the suspension and, if there are issues that impact the industry which this government would wish to introduce through their own policy, then it is not necessary to suspend the regulations but meet with the industry, decide how they want to tweak it and otherwise improve it.

To suspend it and leave it just a “free for all” is not in the Bahamians’ interest, and we need to correct that immediately.”

Mr Davis also challenged the 40 per cent fall in bonefish lodge bookings claimed by the Abaco Fly Fishing Guides Association in a statement two weeks ago.

“We are reliably informed that the fly fishing business has never been better, and because of our regulations business has

OPPOSITION LEADER PHILIP ‘BRAVE’ DAVIS increased. Business in 2017 spoken with my permanent contribute $140 million was better than 2016, and secretary on this issue, the annually to the Bahamian 2018 year-to-date is better long and short of this issue economy. than 2017. We believe and is that while discussions are The regulations have accept that business is being held at the Cabinet divided Bahamian guides brisk,” said Mr Davis. level on this matter, the reg- and the bonefish lodge The Minnis administra- ulations, as enacted in 2017, owners/operators, who are tion has issued no formal remain enforced.” both Bahamian and foreign, statement on the reguThis occurred against into two separate camps. lations, and attempts to the backdrop of a CabiThe regulations require reach Renward Wells, net split on the matter. anglers over the age of 12, minister of agriculture Mr Wells, who has pri- and those who wish to fish and marine resources, on mary responsibility for in the flats, to apply for a the matter again proved the matter, is understood personal angler’s licence futile yesterday. to support the regulations and pay a set fee. NonTribune Business last and backs the stance taken Bahamians have to pay $15 week revealed that the by senior members of the for a daily license; $20 for Prime Minister and senior Bahamas Fly Fishing Indus- a weekly license; $30 for a officials were at odds over try Association (BFFIA) monthly license; and $60 for whether the regulations who pushed for their an annual licence. have been suspended. Dr creation.

They also require a forMinnis said the regulaTribune Business sources, eign vessel wishing to fish in tions had been suspended though, said other minis- the Bahamian flats to obtain when he met with bonefish ters were unconvinced by the usual sports fishing lodge representatives three the case Mr Wells made permit, with each person weeks ago in Abaco. for retaining the existing on the vessel also holdBut Edison Deleveaux, regulations given indus- ing a personal licence. The the acting director of try complaints about the regulations ban commermarine resources, wrote in negative impact they were cial fishing in the flats, and an e-mail last week: “Have having on a sector said to anglers are only allowed

Legal Notice

NOTICE

Legal Notice

NOTICE

to catch and release when catching bonefish, permit, snook, cobia and tarpon While there is no opposition to regulation, the Fisheries Resources (Jurisdiction and Conservation) (Flats Fishing) Regulations 2017 have proven difficult to implement in practice as there is no online portal or payment mechanism for foreign anglers to obtain and pay for licences.

And the Abaco Fly Fishing Association is also expressing alarm that the 1:2 guide/angler ratio requirement “will have the unintended consequence of further destroying the Bahamas flats fishing tourism sector, as anglers who don’t want to hire a guide will travel to tourist-friendly destinations instead”.

Cindy Pinder, its vicepresident, said in a statement: “The current regulation allows anglers to wade for fish without a guide, but not to use a boat to get to the flats or to fish from a boat if two anglers fish together. Second homeowners who have invested hundreds of thousands, or millions of dollars, in our country because they are fisherman can no longer flats fish here if Mr Wells does not rescind the regulations.

“The exodus of fishing second homeowners will be

felt country-wide when the housing market collapses.

Bahamians should expect expat fisherman and foreign real estate investment to become a thing of the past, along with all the money that flows through our local economies because of their investment.”

Ms Pinder said the industry “100 per cent supported” a licensing system where permits were easily obtainable, and the revenues went to conservation, education and enforcement.

Yet she warned: “So much needs to be fixed within the current regulation it would be easier to start over, and make it an easy to understand and enforceable regulation that would actually protect the fishery and grow the sport in order to bring tourist dollars into the country.

“The current regulation mandates licensing for only five named fish. Licensing needs to be required for all fish on the flats, and the license must be easy to purchase online. The current regulation stipulates bonefish as ‘catch and release’, but anglers can also keep one to eat. That regulation is contradictory and ridiculous. Most of the regulation is unenforceable and needs to be abolished by Minister Wells.”

JOB OPPORTUNITY A Bahamian Corporate entity that deals with International clients is seeking a person with diplomatic skills, proper protocol and knowledgeable in foreign languages.

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

MILBOURNE INVESTMENTS HOLDINGS LIMITED

REIGATE INVESTMENT CORP.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), MILBOURNE INVESTMENTS HOLDINGS LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of April, 2018.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), REIGATE INVESTMENT CORP., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of April, 2018.

Lauren Ramsay, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator

Rouge 2004 Limited of Whiteley Chambers, Don Street, St. Helier, Jersey, JE2 4TR Liquidator

Call COMMERCIAL SERVICES GROUP

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE

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Teletower Argentina Holdings, Limited

Interested person may send their Curriculum Vitae to: lintona83@gmail.com

FINANCING

Mortgage Financing available from overseas sources. Also Project Financing.

Business Plan is required.

698-0434

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Minor TAH, Limited

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Majority Towers TAH, Limited

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 18th day of April, 2018.

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 18th day of April, 2018.

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 18th day of April, 2018.

Delano Aranha Liquidator of Teletower Argentina Holdings, Limited

Delano Aranha Liquidator of Minor TAH, Limited

Delano Aranha Liquidator of Majority Towers TAH, Limited

LEGAL NOTICE

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) that MGA INTERNATIONAL INVESTMENT FUND LTD. (IBC No. 169573 B) is in dissolution. The date of commencement of the dissolution is April 25th, 2018.

Marcio Goldenzon de Albuquerque is the Liquidator and can be contacted at Rua Marques de Sao Vicente 176, Apt 501, Gavea, Rio de Janeiro, RJ CEP 22451-040, Brazil. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before May 24th, 2018.

Marcio Goldenzon de Albuqerque Liquidator

_________________________

NOTICE

BOWER ASSET MANAGEMENT LTD. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Bower Asset Management Ltd., has been completed and the company has been struck from the Register on the 17th day of April, 2018.

Shareece E. Scott Liquidator

THE TRIBUNE

Wednesday, May 2, 2018, PAGE 5

Bahamians urged to WATER CORP: BTC-STYLE PRIVATISATION ‘COULD WORK’ ‘abandon materialism’ FROM PAGE ONE

However, such comments are likely to be welcomed by many outside observers who believe that the Government should “get out of business”, and that Bahamian consumers and businesses have “paid the price” for inefficient public sector bodies such as Water & Sewerage through taxpayer subsidies and other excessive costs.

Mr Gibson, meanwhile, served notice of his intent to alter both the Corporation’s billing methods and collection cycle - a move he estimated will increase annual revenues by around $4 million.

This will be achieved by a one-third cut in the first “block” of water consumption where consumers are charged at an initial, lower rate. Instead of 3,000 gallons, this will be reduced to 2,000 gallons, enabling the Corporation to apply a higher charge to the 1,000 gallon difference.

Mr Gibson also reiterated that the Corporation plans to reduce customer billings from a quarterly, three-month cycle to two months in a bid to improve cash flow and reduce the time between service supply and payment.

“What the results have shown is we will raise an additional $4 million per year,” he told Tribune Business of the consumption “block” reform. The plans coincide with efforts to reduce the Corporation’s $45 million-plus accounts receivables “in the shortest possible time” (see other article on Page 1B), and the creation of an internal Business Development Unit.

Describing the Corporation as in the first year of a three-year “recovery period”, Mr Gibson said: “We have formed

a reorganisation plan, focusing on customers, to increase revenue, reduce cost and win back market share.

“Customer win back schemes, incentive sales and discounts for returning customers, this business unit will oversee that. It will pursue new business, liaising with the Prime Minister’s Office and Ministry of Works on new housing and commercial developments.

This unit will also be linked to writing off bad debts, assisting write-offs where the funds cannot be collected.”

Mr Gibson added that the Business Development Unit would also assess the feasibility of increasing the Corporation’s tariff rates, which have not seen a raise since 1999. This has resulted in the utility selling water “below cost”, and forced the taxpayer to step in with annual subsidies reaching up to $30 million - effectively representing a “wealth transfer” from

the Public Treasury to the Corporation’s customers.

The Inter-American Development Bank (IDB) has also warned that the gains from the $81 million project it financed to slash losses from the Corporation’s distribution system, amounting to millions of gallons per day, will be lost unless revenues rise through a tariff increase to fund maintenance and other capital works.

Mr Gibson said there were “other avenues we are exploring” besides a tariff increase to boost the Corporation’s revenues. He added that it was planning to “heighten our online bill payment application”, and is encouraging consumers to use its mobile App to regularly service their bills.

The chairman also promised to “provide discounts and rebates” to Water & Sewerage customers whenever “known water quality issues”, such as salty, rusty and/or hard water was experienced.

NOTICE

NOTICE is hereby given that KLEBER BELLEVUE of East Street South, Nassau, 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 and signed statement of the facts within twenty-eight days from the 25th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHELLEN CARTWRIGHT of Jubilee Blvd., Jubilee Gardens, P.O. Box SB-52859, Nassau, Bahamas, intend to change my name to HELLENA OPHELIA CARTWRIGHT. If there are any objections to this change of name

by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

EMPLOYMENT OPPORTUNITY Zamar Group Companies, Ltd. is a full service audiovisual and event production company, providing sound lighting & video solutions for clients of all sizes, both locally and internationally. We are currently seeking to identify suitable candidates for the position of:

AUDIOVISUAL & PRODUCTION MANAGER Core Responsibilities: The Audiovisual & Production Manager will be responsible for managing the daily operations of the Audiovisual and Production Operations Department activities, services and functions and will work closely with Executive Management to execute the business strategy and objectives. Additional responsibilities will include (but are not limited to): • Manage the Audiovisual and Production team members • Conduct regular briefings and roll call before and after events • Oversee the maintenance, inventory, upgrading and delivery of equipment • Supervise, train and evaluate technical operations staff • Ensure appropriate event equipment, timelines, and staffing needs for events are met • Create and design programs to motivate, train and develop employees QUALIFICATIONS: • Ability to read and comprehend projects and technical documents, including architectural drawings and schedules.

• Must have knowledge of audiovisual and production equipment, set-up, operations and computer applications.

• Ability to manage high volume of assets across multiple venues.

• Flexible and able to work non-standard business hours, including weekends and holidays.

• Must be able to travel as necessary for site visits, training and other priority meetings.

• Excellent customer service, interpersonal, oral and written communication skills.

• Valid Bahamian driver’s license.

REQUIREMENTS: • Demonstrated abilities in management, event planning and staff supervision.

• Minimum 3-5 years experience preferred.

Resumes should be forwarded to humanresources@zamargroup.com for immediate review and consideration by Friday, May 11th, 2018.

Absolutely No Telephone Inquiries.

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMIANS are unable and unwilling to save because they have “too much debt”, a banker yesterday urging his countrymnen to become more disciplined and abandon the “materialistic approach”.

Gregory Bethel, Fidelity Bank (Bahamas) president, argued that too many Bahamians are simply living from “pay cheque to pay cheque”. His comments came as the Central Bank, in partnership with the Clearing Banks Association (CBA), announced the launch of the “Get Smart Bahamas Financial Literacy Campaign”, which is being supported by Colina Financial Advisors (CFAL) and Blue Orchid Bahamas.

“Too many Bahamians live from pay cheque to pay cheque, and three to four times a year they make contact with their bank to increase their credit card limit or consumer loan, and then one day - all of a

sudden - they end up old, lonely and broke all at the same time, and that ought not to happen,” Mr Bethel said.

“In this campaign we seek to educate Bahamians on how they should approach their finances and, simply put, it starts with setting goals and then using a monthly budget to put aside money in order to fund those goals.

“For large goals you will need to borrow money, and that needs to be done in a responsible way. Bahamians need to learn how to shop and compare, how to understand the products so they make better decisions.

Bahamians also need to be taught how to increase their income that will add to their savings.”

Mr Bethel added that Bahamians must stop borrowing to buy pleasure and possessions to maintain popularity. “Bahamians are unable to say or unwilling to save because they have too much debt,” he said.

“They have credit card payments, consumer loan payments and mortgage

payments. We need to come to understand that we must stop borrowing money to buy pleasure and possessions, and to maintain our popularity, and only borrow money for useful purposes - to buy an asset that is going to increase in value or to consolidate all of your debt and have a lower monthly payment, so that you are able to save or buy a small used car instead of that brand new luxury car.”

Mr Bethel added: “We have to cut back on our spending, we have to minimse our debt, and then we will have money available for saving and investing. It’s a discipline that each one of us needs to develop and move away from this materialistic approach.”

Central Bank Governor, John Rolle, said savings should not be viewed independently from debt. “If you are trying to save and you are not paying attention to debt, then you’re not going to succeed. If you do a good job of keeping a handle on debt, the more likely you are to succeed at saving.”

AUDIT SENIOR BDO is an international network of public accounting, advisory and tax firms which perform professional services under the name of BDO. These firms have representation in 160 territories, with 74,000 people working out of over 1,400 offices worldwide.

BDO’s Nassau office is now seeking applications for an audit senior to work in the assurance and audit department.

The successful candidate will have a bachelor’s degree in accounting from an accredited university and possess a CPA, ACCA, CA. Additionally, the candidate should have 3-5 years’ experience in auditing and have a vivid attention to detail coupled with the intellectual ability to multitask, and work in a challenging team driven environment.

Individuals with the above-mentioned qualifications should email their résumés to the recruit@bdobahamas.com by 11th May, 2018.

No phone calls please.

Only the applicants who are considered for an interview will be contacted.

PAGE 6, Wednesday, May 2, 2018

THE TRIBUNE

Gov’t ‘must do better’ defending The Bahamas FROM PAGE ONE and long-term game plan”, Mr Sears expressed concern that the numerous Bills designed to address EU/ OECD concerns threatened to force radical change on this nation’s economy without the consequences being properly thought through.

“My view is that the Government must do a better job of defending the jurisdiction,” he told Tribune Business, “and I think that we ought first of all to really raise the question

of a multilateral body, of which The Bahamas is not a member, on a threat of sanctions and punitive action demanding a radical transformation of our country and the implementation of reporting requirements.

“The next step will be the imposition of a tax regime.

No independent country ought to impose any domestic system of taxation without forethought, proper deliberation, and only for the peace, order and good governance of the Commonwealth of The Bahamas in accordance

NOTICE ESTATE OF ANTHONY CHRISTOPHER COLLINS, SR. late of Retirement Road, Nassau, Bahamas, deceased NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate should send same duly certified in writing to the undersigned on or before 15th May, 2018 after which date the Executor will proceed to distribute the assets of the Estate having regard only to the claims, demands or interests of which he shall then have had notice AND NOTICE is hereby given that all persons indebted to the above Estate are requested to make full settlement on or before 15th May, 2018.

with the constitution. You don’t stumble into a new tax regime under the threat of sanction.”

The Government last week tabled the Multinational Entities Financial Reporting Bill in the House of Assembly, which is legislation designed to meet the requirements of the OECD’s latest anti-tax avoidance drive, the Base Erosion and Profit Shifting (BEPS) initiative.

The Bill requires Bahamian-domiciled entities, which are either the parent or “surrogate parent” in a multinational corporate network with an annual turnover greater than $850 million, to break down their profits/revenues on a country-by-country basis and supply these to the Ministry of Finance for forwarding to “home jurisdictions”.

At the same time, the Government also tabled legislation to create a central Beneficial Ownership

Registry that will contain information on owners of all Bahamas-domiciled corporate and legal entities, minus a few exceptions.

K P Turnquest, the Deputy Prime Minister, confirmed the Registry was a response to the EU/ OECD automatic tax information exchange requirements, plus the Financial Action Task Force’s (FATF) demands in the fight against financial crime and terrorism financing.

And the frenetic pace of legislative activity is set to continue through the summer, as The Bahamas will have to draft more Bills to address the EU’s “ring fencing” and “economic substance” concerns by year-end 2018 and avoid the threat of being “blacklisted” again.

The Government ultimately stripped the possibility of introducing corporate taxation from

NOTICE

NOTICE is hereby given that OZIANIE SYLVESTRE of Nassau Village, Nassau, 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 and signed statement of the facts within twenty-eight days from the 25th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

FREDERIK F. GOTTLIEB & CO. Attorneys for the Executor P.O. Box AB-20405 Royal Harbour Village #2 Bay Street, Marsh Harbour Abaco, The Bahamas

NOTICE is hereby given that SAVANNAH KAY PIERRELOUIS of Bailou Hill Road South, Nassau, 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 and signed statement of the facts within twenty-eight days from the 2nd day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

the Multinational Entities Financial Reporting Bill, but Mr Sears yesterday called for “a national conversation” on how The Bahamas should respond to the likes of the OECD and EU. “We need to ask some fundamental questions, rather than engage in measures to ease some immediate pressure,” he urged. “The goal posts are constantly moving, and we are making, radical, dramatic decisions without careful consideration.”

Mr Sears said it was impossible to properly provide feedback on the Government’s proposed legal reforms without knowing what The Bahamas has committed to in complying with both BEPS and the EU’s demands.

“I’m calling for full disclosure,” he told Tribune Business, “on what commitments were made, and we evaluate the legality of multinational bodies of which we are not a member taking penalising actions against the country.

“What is our medium and long-term game plan?

The question of extra-territorial reach and scope of international obligations, and the national interests of The Bahamas, these are all issues that have to be harmonised.

“Simply responding to an external threat by a multinational body that is not a universal body, and of which The Bahamas is not a member, raises some profound legal questions we should address.”

Mr Sears argued that

The Bahamas needed to see “the bigger picture”, as the issues raised by the OECD/EU were “not only a question for the financial services industry” but this nation’s sovereignty.

Pointing out that The Bahamas should participate in crafting international regulatory regimes, he explained: “We are simply looking at it as a matter affecting the financial services sector; one sector, and viewing it as an immediate, isolated problem without looking at it in terms of the systemic impact, and international legitimacy and sovereignty, and the right of every country to participate in the making of the rules.

“The more fundamental issue is what is the medium and long-term strategy of our country to ensure it has, as a sovereign country, the right to participate in this exercise? The reality of real politick means that we, as a small country, are faced with a certain reality, but we compete with large countries in financial services and we have to ensure that under the pretext of regulation we don’t have protectionism.”

To advertise in The Tribune, contact 502-2394

51 Frederick St., P.O. Box: N-4853, Nassau, The Bahamas Telephone (242) 356-7764 – Telefax (242) 326-3000

NOTICE 1 May 2018

MARKET REPORT TUESDAY, 1 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,971.76 | CHG 0.07 | %CHG 0.00 | YTD -91.81 | YTD% -4.45 BISX LISTED & TRADED SECURITIES 52WK HI 4.31 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.60 5.30 11.50 2.59 1.56 9.25 6.10 11.48 8.10 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.18 1.40 7.30 6.00 8.78 5.67 3.35 12.01

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 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 2.13 4.14 1.99 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.25 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 4.13 10.05 2.83 1.50 7.61 6.10 10.44 6.43 4.24 12.51

CLOSE 4.25 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 4.13 10.05 2.84 1.50 7.69 6.10 10.44 6.43 4.24 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.08 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.67 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

109.67 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

500

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.573 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.293 0.543

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.620 0.060 0.050 0.084 0.300 0.500 0.200 0.120 0.570

P/E 11.8 18.7 N/M 11.9 N/M N/M -2.3 13.8 10.6 24.2 15.9 27.8 4.5 N/M 5.4 14.1 7.7 14.5 23.0

YIELD 1.88% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.64% 3.61% 2.91% 6.17% 2.11% 3.33% 1.09% 4.92% 4.79% 3.11% 2.83% 4.56%

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 6.00% 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 2.14 4.13 2.00 179.39 135.02 1.54 1.69 1.62 1.09 7.16 8.22 6.39 11.30 11.67 10.19

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

4 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

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

MATURITY 31-May-2018 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-Mar-2018 31-Mar-2018 30-Mar-2018 31-Mar-2018 31-Mar-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018

Notice is hereby given that Bahamas Property Fund Limited (the Fund) has requested and received approval for an extension for the filing of its audited consolidated financial statements for the year ended 31 December 2017 with Bahamas International Securities Exchange for one (1) month to 31 May 2018. The extension has been requested to facilitate the Fund performing extended procedures in relation to the calculation of fair values of its investment properties, the principal assets of the Fund, to conclude on the appropriate carrying values of the investments properties in the consolidated financial statements of the Fund for the year ended 31 December 2017 and, if applicable, previous years.

NOTICE

NOTICE is hereby given that DODNA PIERRELOUIS of Bailou Hill Road South, Nassau, 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 and signed statement of the facts within twenty-eight days from the 2nd day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SULTANE JEAN FENELUS of #2 Carroll’s Cove off Carmichael Road in the Western District of the Island of New Providence, The Bahamas intend to change my name to SULTANE JEAN FRANCOIS. If there are any objections to this change in name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that PATRICK JEUNE of Peter Street near Blue Hill Road, Nassau, 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 and signed statement of the facts within twenty-eight days from the 2nd day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DELORIS BROWN of High Vista Drive, Eastern Road, P.O. Box N-3451, Nassau, 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 and signed statement of the facts within twenty-eight days from the 25th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 16, Wednesday, May 2, 2018

THE TRIBUNE

THIRD GENERATION OF SANDS MAKES MARK

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A THIRD generation of Sands has entered the beverage industry. At the age of 27, Gary Sands has been promoted to general manager of Jimmy’s Wines & Spirits, the retail/distribution arm for his father’s brewery.

With a staff of 60 under his management, Gary Sands will oversee operations at all Jimmy’s locations in Nassau, North Eleuthera and Abaco. The only exception is Freeport, Grand Bahama, where the parent company, Bahamian Brewery and Beverage Company, is located. Jimmy’s has eight distribution centres in New Providence, Freeport, North Eleuthera and Marsh Harbour.

“It’s a huge responsibility – a huge undertaking - but it’s the great people who work with me who make all the difference,” Gary Sands said of his new job, and the team he manages.

Bahamian Brewery and Beverage Company, which has a total staff of 120, has young managers running operations in the warehouse, accounts, distribution and marketing departments in New Providence and Grand Bahama. When Gary’s father, James ‘Jimmy’ Sands, established the company 10 years ago, he was able to recruit a team who were loyal employees of his father during the Butler & Sands era.

With the Bahamian Brewery and Beverage Company now celebrating its 10th anniversary, some of those veterans are heading for retirement, and are handing over to a younger generation.

“I most definitely have what it takes,” said Gary Sands. “I adopted my

GARY Sands was recently promoted to general manager of Jimmy’s Wines & Spirits with a staff of 60 under his management.

Photo: Barefoot Marketing

grandfather and dad’s way of doing business. Things have to be done right and on time, and if you say you are going to do something, you do it. It’s about reliability.

“If I had to do it on my own, there’s no way I could do it. There are strategic people in sales and marketing, running the accounts, running the warehouse - people I can rely on. They are not just regular employees. They are more like family than employees. We are very close knit.”

Gary Sands added that senior members of the team were readily embracing the new way of thinking and doing business, which is a “right

now” attitude, “not tomorrow or the next day”.

The Bahamian Brewery and Beverage Company produces Sands Beer, Sands Light, Sands Pink Radler, High Rock Lager, Strong Back Stout, Bush Crack Beer - which now also comes in a berry flavour - and Triple B Malta. These products are manufactured from the Brewery in Grand Bahama and distributed throughout the Bahamas.

In addition to the homegrown products, Gary is responsible for the other beverages in the Jimmy’s Wines & Spirits portfolio. The company was awarded the AB Inbev exclusive distributorship

THREE generations of Sands men, including recently-appointed general manager of Jimmy’s Wines & Spirits, Gary Sands (far left); Sands family patriarch, Everette Sands; and Bahamian Brewery chief executive, James ‘Jimmy’ Sands (far right); pose along with Bonefish Ebbie during a recent trip to Bimini. Photo: Barefoot Marketing of the Anheuser Busch for everyone. The thing people, and with eight bilproducts, including Bud- that helped me is that I lion people in the world, weiser and Bud Light, took every opportunity what are the chances that Beck’s, Stellar Artois and I had to advance myself. we would be born in the Presidente beers. Jimmy’s Don’t roll over. Don’t best place on Earth? The also distributes wines and let someone come and odds are already in our spirits that include brands push you out of anything favour,” Gary Sands said. such as the Jackson family you have a strong feelHe encouraged consumwines, Decero wines, ing for just because you ers to continue to invest Tito’s vodka, and Flor de are young. Listen to your in a “100 per cent Bahaseniors, take advice, but it mian company”.

Cana rums.

Kelly Sands, Gary’s doesn’t mean you have to “We invest into the sister, is also a key com- do what they tell you.” economy. Every dollar we He added that there ponent in the business make stays in the country. as manager of all store is every reason for Bahamians to We invest in young Bahafronts. The family hopes young that their younger brother keep making history in mians and it is evident by and sister, Mallory, who is whatever field they are our management team,” Gary Sands added. “They in university, and James engaged in.

“You know the tingling are the future of this comJr, who is about to complete high school, will also feeling we all got when pany. We have superstar the Golden Girls won? products and a superstar join the family business.

Gary Sands advises That’s the feeling I get team, and what this comyoung professionals: when I look at my own pany has done in ten years “There is an opportunity staff. Bahamians are great is simply phenomenal.”