business@tribunemedia.net
MONDAY, DECEMBER 11, 2017
$4.45
$4.49
Kosoy, Sterling eye Hurricane Hole deal
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
D
avid Kosoy’s Sterling Global Financial is in negotiations to acquire Paradise Island’s Hurricane Hole property from Atlantis’s owner, Tribune Business can reveal. Multiple sources familiar with developments have confirmed that the acquisitive real estate financier and developer, based on East Bay Street, is moving to purchase the near-13 acre site adjacent to the Paradise Island police station and ‘off-bridge’. Mr Kosoy declined to comment when contacted about the potential deal by Tribune Business, saying: “I can’t say a thing. Maybe you should call whoever owns it. “The truth is as soon as I can talk you’ll be the first guy to know.” Mr Kosoy’s comments indicate the purchase has yet to close, although multiple contacts suggested to this newspaper that a sales agreement was likely signed and price agreed, along with deposit paid.
* Developer/financier targets key PI property * Deal would spark ‘major revitalisation’
HURRICANE HOLE property on Paradise Island, Bahamas. One contact, speaking on condition of anonymity, suggested that Sterling’s planned redevelopment of Hurricane Hole would represent “a major revitalisation of the Paradise Island product” should the deal proceed. “When they redo it, it will be completely redeveloped with everything; condos, retail and restaurants,” the source said. “It will be a major revitalisation of the Paradise Island product.
It will be the biggest thing on Paradise Island, I guess, since the Atlantis Phase III development with the Cove and the Reef.” Another contact told Tribune Business that Mr Kosoy and Sterling were “trying to buy Hurricane Hole and do a big development there”, while another added: “I’ve heard they paid top dollar. “It’s a superb piece of property; it’s a great little destination,” they
continued. “It has great potential, and is a beautiful little piece of real estate. It will be good for the Bahamas if it comes off. We need a shot in the arm. We need new inventory.” The Hurricane Hole property was acquired by Atlantis’s former owner, Kerzner International, in the mid-2000s with a view to redeveloping the site in a mix of high-end
SEE PAGE 11
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Income-type tax ‘likely inevitable’, warns ex-minister By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER financial services minister believes it is “probably inevitable” that the Bahamas will have to introduce some form of low-rate income tax, warning: “We’re not in the clear yet.” Ryan Pinder told Tribune Business that while the entire financial services industry had “exhaled” at the Bahamas escaping the European Union’s (EU) blacklist last week, it knows
* PINDER: ‘CAN’T GET AWAY’ WITH RATE UNDER 10% * ADDS OF EU LISTING: ‘WE’RE NOT IN THE CLEAR YET’ * ‘WIDEST POSSIBLE BUY-IN’ NEEDED ON REFORM “a lot of work needs to be done” to meet both its demands and those of the
SEE PAGE 4
ENTERPRISES BILL COMPARED TO ‘FIGHTING CANCER WITH BAND-AID’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A well-known businessman has compared the Government’s Commercial Enterprises Bill to “fighting cancer with a band-aid”. Sir Franklyn Wilson, the Sunshine Holdings and Arawak Homes chairman, in a recent interview with
* SIR FRANKLYN: CORE WOES NOT ADDRESSED * BUT PRAISES GOVT’S ‘OUT OF BOX THINKING’ * URGES REMOVAL OF ‘PARTISAN POLITICS’ Tribune Business said the
SEE PAGE 7
‘ABSOLUTELY IMPERATIVE’ BAHA MAR DOESN’T FAIL By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA Mar’s transformation into a sustainable mega-resort is an “absolute imperative” for the Bahamas and its economy, the Chamber of Commerce’s chief executive says. Edison Sumner told Tribune Business that every Bahamian should get behind the $4.2 billion development, following the completion of its acquisition by Hong Kong-based Chow Tai Fook Enterprises (CTFE). He added that the Bahamas could not afford for
* CHAMBER CHIEF: ALL SUPPORT THIS PROJECT * CTFE DEAL CLOSE ENDS ‘ALL UNCERTAINTY’ * BAHAMAS ‘CAN’T ENDURE’ FAILURE REPEAT Baha Mar to fail, given its reliance on the project to contribute up to 12 per cent of annual gross domestic product (GDP) and create 5,000 direct jobs, plus spin-off employment and entrepreneurial activities.
SEE PAGE 5
PROPERTY FUND ‘GAP’ AS PWC TO VACATE PROVIDENCE HOUSE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BISX-listed Bahamas Property Fund is preparing for temporary vacancy at its last fully-occupied property, following a $2.206 million third quarter hit caused by a timing adjustment. Michael Anderson, president of RoyalFidelity Merchant Bank & Trust, which is the Fund’s administrator, told Tribune Business that it decided to revalue its three properties on a quarterly basis rather
* NEW TENANTS EXPECTED ‘FAIRLY SOON’ * BISX-LISTED FUND IN $2.206M REVALUE HIT * ADMINISTRATOR: ‘BEEN A ROUGH PERIOD’ than only at year-end. He explained that this, coupled with the persistent vacancy rates at its flagship Bahamas Financial Centre and One Marina Drive properties, was responsible for the negative $2.206 million
SEE PAGE 6
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THE TRIBUNE
Monday, December 11, 2017, PAGE 3
UNIONS: EMPLOYERS LEAVING US WITH NO CHOICE BUT STRIKE BY NATARIO McKENZIE Business Reporter nmckenzie@tribunemedia.net A union leader yesterday said employers are ignoring the legally-stipulated 45-day period in which to begin negotiations, leaving organised labour with no choice but to resort to industrial action. Obie Ferguson, the Trades Union Congress’s (TUC) president, told Tribune
Business: “The difficulty is there is no real penalty. You have 45 days from the date of recognition to treat and negotiate with the union. However, if the employer fails to comply their is no meaningful enforcement mechanism in the Act.� He continued: “We tried to convince the former Minister of Labour to do it, but it wasn’t done and we’re asking the current minister to see that it is done. If it is
not done, eventually what is going to happen is you are going to have a massive industrial action in this country because the unions have no recourse. “Employers feel they can disregard the 45 days because, in effect, unions have no recourse other than taking industrial action. It should be made clear what will happen if the employer fails to negotiate with the union. There should be no
ambiguity. The trade union movement is basically being invited to do something that no one would want them to do. There needs to be reform.â€? The Christie administration had introduced changes to the Employment Act and Industrial Relations Act, and labour minister, Dion Foulkes, has said previously that the Minnis administration is also looking at legislative changes.Â
NASSAU/PI RESORTS IN NEW YEAR SELL-OUT BY NATARIO McKENZIE Business Reporter nmckenzie@tribunemedia.net MAJOR Nassau/Paradise Island resorts are predicting traditionally strong occupancies over the Christmas and New Year’s holiday period. Atlantis’s spokesman, Ed Fields, told Tribune Business: “We are sold out from Christmas through to New Year’s Eve.� Gary Williams, Sandals Royal Bahamian’s general manager, told Tribune Business: “Business is about the same as last year for Christmas. Christmas is always slow for us, and we pick up around New Year’s. “At Christmas our occupancies are typically around 60 per cent, and then after Christmas going into the New Year business picks up just like last year. It’s always a little slow just before Christmas, and from December 27 going into the New Year we see things pick up. We are full for New Year’s.� Graeme Davis, Baha Mar’s president, recently
said Baha Mar was seeing “robust bookings� for the Christmas/New Year and winter seasons at both the Grand Hyatt and SLS Lux properties, following the launch of the project’s marketing campaign on November 1. “The bookings are extremely encouraging for the winter season,� he added. “The promotional campaign has been very impactful, and there are very robust bookings going into the New Year and winter seasons.� The hotel property assessments also align with the increased bookings reported yesterday by the Ministry of Tourism, which said the November 2017 to January 2018 period was ahead of prior year comparisons by 16.6 per cent. Describing this as a “bright booking situation�, the Ministry said bookings from “top source markets� such as the US, Canada, France, the UK and Germany are ahead by more than 15 per cent. Brazil bookings for arrivals between November 2017
and January 2018 grew by over 80 per cent, the Ministry of Tourism added. The magnitude of this increase is likely due to the fact that Brazil is a new market, just starting out for the Bahamas, while overall bookings were likely up against weak 2016 comparisons due to the fall-out from Hurricane Matthew. Still, the Ministry of Tourism said that as a result of a “robust co-op marketing campaign� with Expedia, the largest producer of online bookings for the Bahamas, the country yielded 263,000 air tickets, an increase of 14.7 per cent year-over-year, and 250,000 room nights, a 9 per cent increase. “The Ministry of Tourism has been working very aggressively to promote our destination in the past months in spite of the very serious challenge of hurricanes in our region and across some of our most important international markets,� the Ministry’s director-general, Joy Jibrulu, said. “We have gone directly to the editors
at Travel + Leisure, USA Today and Miami Herald, among others, with posthurricane updates and new developments for the Bahamas. We have produced informative, online content targeted directly at our key audiences, and driven effective marketing partnerships with Expedia and Trip Advisor,â€? she added. “This nimble digital execution is helping us drive change and support our industry partners across the countryâ€?. Â
SCHOOL VACANCY
BuSiNeSS OffiCe MANAger Local independent school invites applicants to fill the position of Business Office Manager. Private school with a diverse student population in the city of Nassau announces an opening for the position of Business Office Manager, effective January 2, 2018. This position answers to the Head of School. MINIMUM EDUCATION AND TRAINING EXPERIENCE REQUIREMENTS: • Bachelor of Arts degree in accounting or a related field • A minimum of 5 years relevant administrative experience • Demonstration of leadership, team work and initiative PREFERRED QUALIFICATIONS: • Must be skilled and knowledgeable in the areas of accounting, finance and human resources • Must possess effective written and verbal communication skills • Must be competent in the use of multiple software packages • Be a practicing born-again Christian who is willing to subscribe to the school’s Statement of Faith SPECIFIC RESPONSIBILITIES: • Supervision of the business office staff • Execution of financial policies and procedures • Oversight of financial systems and operations • Preparation of the external audit • Regulation of financial matters related to parents Interested persons should send resumes to: schoolhumanresources81@gmail.com. A detailed job description will be provided upon receipt of resumes from suitably qualified individuals. The deadline for submission of resumes is
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PAGE 4, Monday, December 11, 2017
THE TRIBUNE
Income-type tax ‘likely inevitable’, warns ex-minister FROM PAGE 1 Organisation for Economic Co-Operation and Development (OECD). Mr Pinder, who held the financial services ministerial post from 2012 to end-2014 under the former Christie administration, credited the current government with “a significant accomplishment” for keeping the Bahamas off the ‘blacklist’, even though the EU’s own announcement said it had more to do with Hurricane Irma-related compassion. However, he warned that the EU and OECD, together with the G-20 group of nations, were unlikely to ease the pressure intended to drive the Bahamas away from its current ‘zero tax’ platform and towards income tax implementation. Mr Pinder argued that the Bahamas now needed to use the 12-month reprieve granted by the EU
to demonstrate “measured progress” in complying with its demands, especially the structure of this nation’s taxation regime moving forward. The now-Graham Thompson & Company attorney and partner added that should the Government decide to move in the direction of an income, or corporate income, tax, it needed to “fully think through” the impact on the overall economy and obtain “the widest buy-in possible”. “I think it was a significant accomplishment by this government to ensure that we were not on the EU blacklist,” Mr Pinder told Tribune Business. “Anybody would agree that being on the ‘blacklist’ would have adverse consequences for the industry and a disadvantageous impact for the country, having an adverse effect on correspondent banking and affecting our international trade and commerce.
“It was a significant accomplishment and one we exhaled about, but it doesn’t mean we’re in the clear. There’s a lot more work needing to be done,” he continued. “It’s definitely an opportunity to exhale, but it certainly isn’t the end of the race, and we have to get to the next stage. We can’t procrastinate and can’t do it by ourselves. We have to do it with the rest of the economy.” The EU, in unveiling its 17-nation ‘blacklist’ last Tuesday, said it had suspended its assessments of the Bahamas and seven other Caribbean states to enable them to recover from the devastation inflicted by Hurricanes Irma and Maria. The 28-nation group said it would resume “contacts” with the Bahamas in February 2018 to determine if it was in compliance with the three criteria used to designate ‘non-cooperative jurisdictions’. A final
decision on this nation and the others will be taken before year-end 2018. Mr Pinder said the Bahamas’ main difficulty in complying with the EU’s demands is the absence of any form of income tax - personal, corporate or otherwise. The absence of such taxes, he explained, is treated as a ‘harmful tax practice’ by both the EU and OECD. The latter is especially significant, because its initiatives provide much of the foundations for the EU’s ‘blacklisting’ criteria. “The principle behind that is you have a tax system, it’s recognised meaning income tax - and no preferential regimes behind that. There’s no ring fencing,” Mr Pinder said of the EU criteria. Tribune Business has previously reported that last week’s passage of legislation to facilitate the multilateral approach to automatic tax information exchange, and the Government’s
signing on on to the Mutual Administrative Assistance in Tax Matters convention this week, will bring the Bahamas into compliance with the OECD’s Common Reporting Standard (CRS). This, in turn, will enable the Bahamas to meet the first of the EU’s three criteria on ‘tax transparency’. However, meeting the latter’s other two conditions are made more problematic for this nation precisely because it has no type of income tax regime. Meeting the EU’s third condition requires the Bahamas to comply with the OECD’s Base Erosion and Profits Shifting (BEPS) initiative. This aims to prevent tax avoidance by multinational companies, who using legal and creative mechanisms to shift profits from higher tax to low tax jurisdictions, enabling them to enjoy significant savings while eroding the tax bases of certain countries. The Bahamas has already signalled its intent to comply with BEPS by adopting a ‘minimum’ four of 15 actions. However, one of the ‘actions’ it plans to implement is ‘no harmful tax practices’, and both the OECD and EU consider a corporate tax rate of less than 10 per cent to be a ‘harmful tax practice’. “We’re experiencing the international pressure on income tax from a variety of different directions,” Mr Pinder told Tribune Business. “I think it’s probably inevitable, but it [its introduction] has to be measured, well thought-out and, to the extent possible, get the widest possible buy-in. “It’s not something that should be rushed into. I’m not sure what the Government’s timeframe is going to be, but over the next 12 months we will have to show measured progress with respect to what we’re doing about our tax regime. My guess is we can’t get away with anything less than a 10 per cent rate.” Mr Pinder is thus the first senior figure, political or otherwise, to suggest the implementation of some income-type tax is likely. K P Turnquest, the deputy prime minister, previously acknowledged that the Bahamas “may have to look” at it, although he stopped well short of suggesting this was likely to happen. Compliance with BEPS is the third of the EU’s three ‘blacklist’ criteria, and Mr Turnquest last week said the Government had made proposals to the OECD on how it could achieve the minimum standard without implementing a corporate income tax. Yet even more troubling is the second and final EU ‘standard’, which requires countries to provide ‘fair taxation’. This is tied directly to BEPS compliance, and is highly subjective, meaning different things to different people, with many observers viewing it as undermining the sovereignty of individual nations to choose the tax system that best fits them.
Countries with ‘offshore structures’ that can be used to facilitate tax avoidance of the type BEPS is intended to counter will run afoul of this demand, meaning the Bahamas and other international financial centres (IFCs) may have to take further action to ward off the EU. “There’s certain pressures with respect to the Bahamas being in a position to have to introduce some form of income tax, whether it be income or corporate, and how that is designed and structured,” Mr Pinder said. “Any form of corporate income tax is going to affect the wider economy more than financial services. If only domestic-sourced income is taxed, that will not tax a lot of financial services, as it is mainly foreign sourced. There’s a lot of thinking through, and a lot of complexities are involved. “Then there’s cultural acceptance, as we’re not used to an income tax, keeping track of deductions and expenses, and what’s attributable to personal and corporate. We’re going to have to be very sensitive,” he continued. “If the Government goes that way, and certainly the external pressures are there to push is in that direction, a lot of thinking and consultation will have to go into that, and a lot of understanding of how that affects the private sector.” With the EU frowning upon ‘ring fencing’, namely the maintenance of separate tax regimes for foreign and domestic interests, Mr Pinder said areas such as Business License fees would need to be evaluated. “We would have to take a real good look at how the regime is structured currently and get rid of the more ‘ring fencing’ elements,” he added of Business Licenses. Mr Pinder’s comments add to an already-vigorous tax reform debate within the financial services industry, as many sector players believe shifting from a ‘no tax’ to a ‘low tax’ platform would enable the Bahamas to better target corporate/ institutional business, enter into investment-type treaties and shed the ‘tax haven’ label’. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, previously told Tribune Business that the Bahamas needed to “seriously look” at implementing a low-rate corporate income tax - a suggestion also made by the International Monetary Fund (IMF) earlier this year. However, she and others have repeatedly said that such reform must take into account the wider economy’s interests and be done for the Bahamas’ benefit not the OECD’s and EU’s. Many observers believe that forcing the Bahamas to introduce an income tax has been the OECD’s ultimate objective all along, thus undermining its competitiveness in financial services.
INTERNATIONAL BUSINESS COMPANIES ACT, CH. 309
(as amended by the International Business Companies (Winding Up Amendment) Act, 2011) AND Second Pyramid Limited (In Voluntary Liquidation) NOTICE TO CREDITORS TO PROVE DEBTS NOTICE is hereby given to any creditor of the abovenamed Company in Voluntary Liquidation that it is (they are) required to submit to Edmund Rahming, the Voluntary Liquidator, Proofs of their respective debt or claim against the above-named Company by sending to the Voluntary Liquidator on or before January 15th, 2018. Such Proof(s) may be in the form prescribed at Form 24 of the Companies Liquidation Rules, 2012 stating a creditor’s name, address, particulars of debt(s) or claim(s), documentation to prove debt(s) or support(s) and any entitlement to priority. Any creditor wishing to be provided by the Voluntary Liquidator with a form may contact the Voluntary Liquidator at No. 15 Caves Professional Plaza, Caves Village, West Bay Street, P.O. Box SP-64064, Nassau, The Bahamas, telephone (242) 327-4003, email: erahming@intelisysltd.com requesting the same. Dated this 11th day of December 2017 Edmund L Rahming Voluntary Liquidator
THE TRIBUNE
Monday, December 11, 2017, PAGE 5
‘Absolutely imperative’ Baha Mar doesn’t fail FROM PAGE 1 Mr Sumner said CTFE’s deal close had removed “all the uncertainty looming” over Baha Mar for the past three years, and would enable both the developer - and the Bahamas in general - to put the project’s past behind them and move forward. “It’s an imperative on us as a country - an absolute imperative on us as a country - to ensure Baha Mar is a success story, and a sustainable success story,” he told Tribune Business, “meaning we’re looking forward to having this project being a success and around for many years to come. “Given the level of capital investment in this project, and reliance the Government has on it bringing foreign currency into the country through trade in services, it’s imperative this project succeeds. This project should get support from all around.” Recalling how just over 2,000 Baha Mar employees were terminated after the project was placed into Chapter 11 bankruptcy protection, then provisional liquidation, Mr Sumner said the Bahamas must never again endure such a shock to its psyche and economy. “We cannot go through another episode of having such a large number of people displaced if a major project fails,” the Chamber chief executive told Tribune Business. “The Government and private sector have to do whatever they can to make sure this project is successful, that there is the level of employment the developer has committed to, to see other jobs and opportunities created by this project, and real improvement in the tourism product so persons not only experience what Atlantis has to offer but also this equally impressive property on the other side of the island.” CTFE, in confirming completion of Baha Mar’s purchase from the China Export-Import Bank’s Perfect Luck vehicle, said it had achieved all milestones committed to. These included the opening of the Grand Hyatt, Baha Mar casino and associated facilities on April 28, plus the opening of the SLS LuX Hotel before the December 1, 2017, deadline stipulated in its Heads of Agreement. The developer, owned by the Cheng family, added that it planned to expand Baha Mar’s existing 3,500strong workforce to 5,000 by end-2018, with the Rosewood hotel on track to open in March/April 2018. Many Bahamians, though, have been cool or ambivalent towards CTFE as Baha Mar’s ‘saviour’, given the widespread impression that the project’s original developer, Sarkis Izmirlian, was unfairly removed by the Chinese state-owned financier and contractor, and poorly treated by the former Christie administration. The past three years of opening deadline misses, Chapter 11 bankruptcy protection and hotly-contested litigation, followed by provisional liquidation and the receivership that culminated in CTFE’s arrival, have also made it difficult for some to trust Baha Mar and believe the project is ‘for real’. Mr Sumner, though, said CTFE’s purchase completion should “put to bed all the speculation” and
negativity that has surrounded Baha Mar since late 2014. Pointing out that the Bahamas could not afford for the development to be shut down again, he added: “The prudent thing is for us to support this project. “It’s had its challenges trying to get to this stage, but now this is done all the speculation about the deal being signed, whether the transfer was made properly, the fact they’ve got it done and the property is open is cause for celebration. With this milestone being achieved, we expect to see the support coming from the private sector as well as the Government.” The Minnis administration has released no official statement on the Baha Mar sale’s completion, while the Progressive Liberal Party (PLP) used the occasion to slam it for opposing the former administration and the CTFE deal when the political roles were reversed. “With the official close of the sale of Baha Mar, the Bahamas tourism product is measurably strengthened with the addition of a world-class hotel operator and developer, and Bahamians have good reasons for optimism moving forward,” the PLP said in a statement. “The PLP congratulates the new owners, CTFE, and thank them for their focus, determination and confidence in the Bahamas economy in the face of unwarranted and unnecessary hostility driven mainly by the FNM in its quest to derail this project. “The PLP supports this project and stands ready to work to ensure that Baha Mar realises its full economic potential for the Bahamian people and the investors.” Mr Sumner, meanwhile, described CTFE’s purchase as “a tremendous accomplishment”, and added: “It puts to bed all of the waiting, the speculation and the anxiety over the last several years. “We’re in a position where a deal has been signed. It signifies a significant achievement for them, and is going to bring a level of closure to the Bahamas and the Baha Mar project where the international community, and those of us in the Bahamas, the private sector and the Government, can move on and move ahead. “We can start promoting this property, and are done with all the uncertainty looming over it. The fact CTFE were able to close this means they’re on with fully promoting the property and, hopefully with it, we will be seeing a significant improvement in occupancies, increased interest from guests and visitors coming to see the property, and an improving economy. We’re looking to see some great things coming out of that property.” Mr Sumner said the private sector was waiting to feel the “spin-off” benefits from a completed Baha Mar in terms of increased business activity, new entrepreneurial opportunities and indirect job creation. “As we’ve said before, and have maintained, as great a project as Baha Mar is - and it’s very significant to the economy of the country - it’s not the only thing happening,” the Chamber chief told Tribune Business. “We’re looking to see other projects in the pipeline advance and make it to the development stage, and complement Baha Mar.”
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MARKET REPORT FRIDAY, 8 DECEMBER 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,062.24 | CHG -7.50 | %CHG -0.36 | YTD 124.03 | YTD% 6.40 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.77 0.16 5.60 8.70 6.30 5.30 13.33 2.59 1.60 6.01 10.55 11.00 4.50 7.25 12.51 11.00
52WK LOW 4.22 17.43 8.19 3.50 0.95 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.67 3.35 6.61 12.01 10.00
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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate
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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 FAM FBB FIN FCL ICD JSJ PRE
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 2.10 4.12 1.98 176.30 149.66 1.52 1.69 1.61 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 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.31 17.43 9.09 3.68 1.00 0.16 3.70 8.60 6.10 4.93 9.00 2.60 1.51 6.00 10.55 6.29 4.49 7.01 12.51 10.00
CLOSE 4.31 17.43 9.09 3.68 0.95 0.16 3.70 8.60 6.10 4.93 9.00 2.64 1.51 6.00 10.55 5.67 4.49 7.01 12.51 10.00
CHANGE 0.00 0.00 0.00 0.00 -0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 -0.62 0.00 0.00 0.00 0.00
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CLOSE 100.00 100.00
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108.99 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.22 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
108.77 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
5,000
1,000
1,000
VOLUME
10
5
6 NAV 2.10 4.12 1.98 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08
EPS$ 0.444 0.932 -0.223 0.540 -1.220 0.000 -1.462 0.611 0.583 0.196 0.631 0.102 0.392 1.217 0.729 0.484 0.310 -0.668 0.543 0.000
DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000
P/E 9.7 18.7 N/M 6.8 N/M N/M -2.5 14.1 10.5 25.2 14.3 25.9 3.9 4.9 14.5 11.7 14.5 -10.5 23.0 0.0
YIELD 1.86% 6.48% 0.00% 6.25% 0.00% 0.00% 0.00% 3.49% 3.61% 2.43% 6.33% 2.27% 3.31% 4.83% 4.74% 0.00% 2.67% 2.00% 4.64% 0.00%
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%
MATURITY 31-May-2018 19-Oct-2022
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%
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
YTD% 12 MTH% 3.64% 4.40% 5.32% 5.91% 1.94% 2.46% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 31-Oct-2017 31-Oct-2017 27-Oct-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017
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
PAGE 6, Monday, December 11, 2017
THE TRIBUNE
Property Fund ‘gap’ as PwC to vacate Providence House FROM PAGE 1
POSITION WANTED Manager We are seeking a dynamic individual that will fill the position of General Manager in a Quick Service Restaurant Environment that is currently undergoing rapid growth. The successful candidate must possess the following qualities and characteristics: Qualifications and Experience • A first degree preferably in Culinary Arts, Food Service Management or a related discipline from a recognized university. • A minimum of 5 years experience in a Management or Senior Supervisory capacity in the Food & Beverage or Quick Service Restaurant (QSR) Environment. • Must be proficient in Inventory Management, Purchasing, Financial Projections, Cost Management and Accounting. • Demonstrated Managerial/Supervisory excellence in overseeing a staffing complement of a minimum excess of 40 members including other supervisors. • Development and adherence to sales targets, business development strategies and marketing initiatives in association with the General Manager. • Ensure all Regulations and Food Safety guidelines are met, together with stringent compliance with all Policies and Procedures. Personal Attributes • Ability to work under pressure in a dynamic QSR environment. • Ability to work and produce results with minimum supervision. • Commitment to the highest level of Service Excellence. • Good organizational and interpersonal skills • Strong problem and decision making skills If you meet the above requirements, please send your curriculum vitae together with three (3) references to ServiceExcellence242@gmail.com on or before Monday, December 13 th, 2017
revaluation in the 2017 third quarter, which plunged the Fund into a $1.9 million net loss for the first nine months. Mr Anderson also revealed that the Fund faces a likely vacancy “gap” of several months at its last 100 per cent-occupied property, Providence House, with its current tenant, the PricewaterhouseCoopers (PwC) accounting firm, set to move out before year-end. He added, though, that the Fund expected to secure new tenants for Providence House “reasonably soon”. Seeking to provide shareholders with some holiday cheer, Mr Anderson said it was also in negotiations to acquire a fourth commercial property and develop its Downtown Nassau parking garage initiative, and locked in talks with prospective tenants at its two major properties. “Historically we’ve used the end of year to do it as a one-off valuation exercise,” Mr Anderson explained of the third quarter revaluation. “We’re now trying to do it on a quarterly basis, so that there are no longer large adjustments at the end of the year.” He expressed hope that the Fund would be able to recover, and write back, some of the loss taken on its property valuations before
Broadcasting Corporation of The Bahamas
Vacancy notice The Broadcasting Corporation of The Bahamas invites applications from suitably qualified individuals to fill the following vacancies at its Head Office: 2 news & Sports Reporters Applicants must possess excellent communications skills - written and oral/reporting, strong organizational and interpersonal skills, be able to work independently and under deadline pressure, generate stories with minimal supervision and have an in-depth knowledge of news and current events. Qualifications: • Associate’s degree or equivalent 2 Radio Production assistants Applicants must have basic knowledge of Audio Radio Production, strong communication skills; both written and oral, be a quick study with the ability and skills in the use of completer and custom software, able to follow precise instructions in a fast paced environment and complete projects and assigned tasks accurately by established deadlines with little supervision, ability to travel, work shifts and weekends. Qualifications: • Certification or equivalent, at least one year experience in the field 3 television Production assistants Applicants must have advanced knowledge in all aspects of Television Production inclusive of (Audio, Cameras and Editing), ability to follow standard practices, strong communications skills, both written and oral, complete projects and assigned tasks accurately by established deadlines and with minimal supervision. Must be able to travel, work shifts and weekends and a quick study. Qualifications: • Associate’s degree or equivalent 1 Broadcast Radio and television chief engineer Applicants must be able to operate, maintain, update and repair hardware and systems used for television, radio and website podcasts and ensure that programmes are broadcast on time to the highest level of quality. Must have strong communications skills; both written and oral, be able to complete projects and assigned tasks accurately by established deadlines. Strong management and leadership skills are essential. Must be able to work shifts and on weekends. Qualifications: • Bachelor’s degree or equivalent 1 Broadcast Radio and television Junior engineer Applicants must be able to assist with the operation, maintenance, update and repair of hardware and systems used for television, radio website podcasts and ensure that programmes are broadcast on time to the highest level of quality. Must have basic engineering skills; both written and oral, be able to complete projects and assigned tasks accurately by established deadlines. Qualifications: • Associate’s degree or equivalent 1 accounting officer Applicants must have good time management skills. Good judgement and sound financial reasoning ability, sound knowledge of accounting fundamentals and related matters. Ability to communicate effectively both orally and in writing. Computer skills and the ability to operate standard office equipment are essential. Analytical ability, and must be confidential. Qualifications: • Minimum of a Bachelor’s degree in Accounting or Finance or equivalent qualifications Resumes should be submitted to: hr@znsbahamas.com and s.knowles@znsbahamas.com on or before Friday, December 22, 2017
year-end given that it was in talks with potential tenants to fill vacant space at its Bahamas Financial Centre and One Marina Drive locations. Disclosing that the occupancy rates for both properties were around 63-65 per cent, or close to two-thirds, Mr Anderson said: “We’re in detailed discussions with one particular party for a large amount of space and I’m hopeful that will actually work out. I’m reasonably confident, but don’t want to put it out there that it’s going to happen. “Some of these initiatives really need to get finalised and completed so we can move forward from there. We’ve had a pretty rough period. It’s not that we’re not working on things; it’s just that they haven’t come to fruition yet.” The Bahamas Property Fund’s properties are valued on an income or cash flow basis, meaning that increased or persistently high vacancy rates result in negative revaluations of their value. The Fund, in a press statement, said a 5 per cent improvement in occupancy rates at its major properties - with nothing else changing - will result in a $2.733 million increase in their value compared to end-September 2017 levels. “The vacancy rates in our main properties have been increasing over the last several years,” Mr Anderson said. “Can we reverse that and move it the other way? That depends on us securing large tenants for our properties. “We’re looking at 2018 to recover and improve our occupancy rates, as we’ve got to go the other way. I know our leasing agents, Morley Realty, are continuing to speak to different people. It’s just
really trying to find suitable arrangements for tenants and ourselves, particularly around rental rates.” The RoyalFidelity chief said the significant amount of vacant commercial property on the market, and available for leasing, meant potential tenants were always trying to push down rental rates in talks with the Fund. He explained that this was especially problematic for the Bahamas Financial Centre, which came with significant value-added features such as built-in redundancy and power back, meaning that it was more difficult for the Fund to compromise on rental rates and bridge the “gap” with tenants. Mr Anderson said the Fund was now working to fill a significant vacancy at Providence House, with PwC set to move out before year-end. “Government is a party we’ve been speaking to about different properties, including Providence House,” he revealed to Tribune Business. “Up until now Providence House has been fully occupied, but PwC have given notice that they’re moving out. We have other tenants lined up, but there will be a gap. We will have a vacancy at Providence House for a period of time, but expect that will get sorted out reasonably soon. “We might have a few months of tidying up the property and refurbishing it. Providence House is a ‘Class B’ property, so the rental rates are better than the Bahamas Financial Centre and One Marina Drive, so it’s more attractive to a number of tenants. It has good parking and is located outside of town, so it’s a different property to rent.” Mr Anderson declined to go into detail on the Fund’s
potential acquisition, other than to say it was a commercial property that “will work well for us. The property is relatively attractive from a rental perspective at the right price points”. He added: “Property acquisitions take ages in this market, and when you have an amount of space and need some tenants. Finding the right tenant does not happen overnight.” The $2.206 million revaluation hit dropped the Fund to an $836,925 operating loss for the nine months to end-September 2017, with the net loss coming in at $1.222 million - a more than $2 million reversal on the prior year’s $794,192 net income. The Fund said in a statement: “Excluding the net fair value loss on investment property, the Fund would have reported net income and total comprehensive income of $984,096 (2016: $794,192), representing a 24 per cent increase over the same financial period during 2016. “Rental and parking revenue experienced a limited decline of 4 per cent. However, expenses declined by 17 per cent, with the most significant contributor being a decline in maintenance costs of vacant rental space. “Such maintenance costs are influenced by the common area maintenance costs that must be absorbed by the Fund as landlord for vacant space, and such costs during 2017 continue to be managed for the benefit of tenants and the Fund. Further, as the Fund continues to reduce its borrowings, interest expense and related charges declined by 13 per cent.” The Fund added that its financial position remained strong, with debt equivalent to 19 per cent of total available capital for acquisitions and operations.
THE TRIBUNE
Monday, December 11, 2017, PAGE 7
Enterprises Bill compared to ‘fighting cancer with band-aid’ FROM PAGE 1 legislation would not address the root causes of the Bahamas’ economic stagnation over the past decade. While praising the Minnis administration for “thinking out of the box” in trying to kick-start economic growth and job creation, Sir Franklyn said the Bill would do little to change the habits identified in a recent government memorandum. That document, penned by acting financial secretary, Marlon Johnson, and revealed by Tribune Business, reiterated the ‘75 per cent of salary’ limitation on civil service salary deductions after the Ministry of Finance was “inundated” with demands that it be waived. Sir Franklyn said this again highlighted the harm caused by over-borrowing to meet personal consumption needs, suggesting that this had undermined the housing market and investment in the economy’s productive sectors. “I believe the Government has to be commended about this idea of thinking out of the box,” Sir Franklyn told Tribune Business, “trying to find and do something. “But the response to this Bill is at best: ‘Man, we’ve got cancer and you bring a band-aid’. Worse than that, the country has cancer and the Government brings a band-aid. “The Government has to be commended for thinking out of the box; that’s a good thing, but the country has cancer and you bring a band-aid. The country has cancer and you bring a band-aid.” Outstanding Bahamian consumer credit stood at
$2.223 billion, or 37.4 per cent of the total, at endOctober 2017. Sir Franklyn said Mr Johnson’s memorandum showed “the relationship between lack of policy enforcement and lack of economic growth”, suggesting that numerous civil servants had been allowed to exceed the 75 per cent threshold under both PLP and FNM administrations. “It has eroded so many of our core values and destroyed the housing market,” the Arawak Homes chairman argued of the consumer borrowing binge undertaken by so many Bahamians. Sir Franklyn also urged that “partisan politics” be removed from the national economic discussion, arguing that the statistics showed economic growth had been elusive under both FNM and PLP administrations since the turn of the century. “The reality is that there has been no growth from 2000,” he said. “2000. The important point for the public to reflect on is it covers a period of time when Ingraham was the Prime Minister and Christie was the Prime Minister. “I would not reflect on what Minnis has done. If the conclusion is that we’ve not had growth for that protracted period, this is not a case of blaming Christie or blaming Ingraham. That is important because I believe that if we are going to get through the issues we face, we have to get past partisan politics.” The Commercial Enterprises Bill is designed to liberalise the granting of work permits by allowing senior executives and specialist personnel in targeted industries to enter the Bahamas without first obtaining such approvals.
They must apply for the necessary work permits within 30 days of arriving, and the Bill mandates that if the Immigration Department fails to approve them within 14 days of application receipt they will be deemed as automatically approved. The Bill is an indication of the haste with which the Government feels it must move to break the Bahamas’ depressing cycle of low-to-no-growth and high unemployment since the 2008-2009 recession. The Minnis administration’s belief is that the economic ‘status quo’ is not working, as shown by three years of recession between 2013-2015, and a GDP per capita figure that has declined since the turn of the century. It is now proposing ‘radical surgery’, with the Commercial Enterprises Bill intended to signal that the Bahamas is both ‘open for business’ and serious about improving the ‘ease of doing business’ - in this case, the granting of work permits by Immigration. This feeds into a wider strategy that appears to be centred on liberalisation and deregulation of the Bahamian economy, via measures such as exchange control relaxation and World Trade Organisation (WTO) membership. The ‘specified commercial enterprise’ legislation is targeted at specific industries - chiefly foreign exchange earners, and those which have been cited by the Minnis administration as part of its economic growth and diversification strategy. Financial services leads the way with reinsurance; captive insurance; investment fund administration; arbitration; wealth
management; international trade and international arbitrage included in the ‘fast track’ work permit sectors. Also listed in the Bill are technology-related industries such as computer programming; software design and writing; bioninformatics and analytics; nano technology; and biomedical health facilities. The Government has targeted Grand Bahama as a technology hub, and the inclusion of ‘boutique health facilities’ on the ‘fast track’ list adds to the focus on health. Data storage and warehousing are also present, as is aviation registration and ‘approved’ aviation maintenance operations - again sectors that have been identified by the Minnis administration as potential growth drivers. The list is concluded by ‘call centres’ and manufacturing and assembly/ logistics businesses.
POSITION WANTED General Manager We are seeking a dynamic individual that will fill the position of General Manager in a Quick Service Restaurant Environment that is poised for rapid growth. The successful candidate must possess the following qualities and characteristics: Qualifications and Experience • A first degree preferably in Culinary Arts, Food Service Management or a related discipline from a recognized university. • A minimum of 10 years experience in a Supervisory/Management capacity in the Food & Beverage or Quick Service Restaurant (QSR) Environment. • Must be demonstrably proficient in Inventory Management, Purchasing, Financial Projections, Cost Management and Accounting. • Ability to seamlessly and efficiently manage several operational locations. • Demonstrated Managerial excellence in overseeing a staffing complement in excess of 100 members including other managers. • Ability to achieve or exceed sales targets, drive business development strategies and marketing initiatives. • Expertise in ensuring all Regulations and Food Safety guidelines are met, and stringent compliance with all Policies and Procedures Personal Attributes • Ability to work under pressure in a dynamic QSR environment. • Ability to work and produce results with minimum supervision. • Commitment to the highest level of Service Excellence. • Great organizational and interpersonal skills • Strong problem and decision making skills If you meet the above requirements, please send your curriculum vitae together with three (3) references to ServiceExcellence242@gmail.com on or before Monday, December 13, 2017
PAGE 8, Monday, December 11, 2017
THE TRIBUNE
Bahamas signs three more air services deals THE Minister of Tourism and Aviation has signed the Bahamas on to three more Air Services Agreements (ASAs), bringing the total to 11. Dionisio D’Aguilar, attending negotiations in Colombo, Sri Lanka, signed agreements with Qatar, Australia and Finland. The Bahamas other agreements were previously signed with the Netherlands (Curaçao), Singapore, Brazil, United Arab Emirates, Kuwait, Turkey and New Zealand. The latest agreements were signed during the International Civil Aviation Organisation’s (ICAO) Air Services Negotiation event (ICAN 2017), where Mr D’Aguilar led a delegation comprising Sharon Brennen-Haylock, director-general of the Ministry of Foreign Affairs; Captain Charles Beneby, director-general of the Bahamas Civil Aviation Authority; Juliea Brathwaite-Rolle, manager of safety oversight at the Bahamas Civil Aviation Authority; and Shane Miller, assistant director of legal affairs at the Office of the Attorney General.
ICAN provides states with a central meeting place to conduct air services negotiations or consultations. More than 141 states have participated in and benefited from ICAN at least once. The ninth Session of ICAN took place in the Bahamas, and the 11th session is to be held in Kenya in 2018. The Bahamas also undertook negotiations with South Africa, the UK, Sri Lanka, Nigeria, Austria, thye Dominican Republic, Jamaica, Switzerland, Chile and Jordan, where Memoranda of Understanding were signed. It is expected that full Air Service Agreements will soon be signed with those countries. Discussions also commenced with civil aviation representatives from Haiti. The Bahamas delegation also met with representatives of CASR.Co, a company that specializes in civil aviation software for regulators, which is developed to meet the needs of any aviation authority. It is a platform that brings benefits for all entities that interact in the aviation ecosystem.
THE TRIBUNE
Monday, December 11, 2017, PAGE 9
NOTICE
NOTICE is hereby given that BEVENIQUE SABRONYA THOMPSON of Shawanna Close, Yellow Elder, New Providence, 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 4th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
INTERNATIONAL BUSINESS COMPANIES ACT 2000
PJF GROUP LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act, PJF GROUP LIMITED is in Dissolution. The date of commencement of the dissolution was the 7th of December 2017. Mercedes Parker, 26 East Avenue, P.O. Box CB-11651, Nassau, Bahamas is the Liquidator of PJF GROUP LIMITED Mercedes Parker Liquidator
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NOTICE
NOTICE is hereby given that WALTAIRE CHARLES of Blue Hill Road, 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 4th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that DONALD EXANTUS of #28 Karl Rd., P.O. Box N-7060, 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 11th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Monday, December 11, 2017, PAGE 11
Kosoy, Sterling eye Hurricane Hole deal FROM PAGE 1 condominiums, retail options and restaurants. Kerzner International demolished the existing retail plaza and most of the condominiums surrounding the marina, bar the Dockmaster’s House and small bar that remain. However, its plans were halted and then ‘mothballed’ by the 2007-2008 ‘credit crunch’ and subsequent recession, which placed pressure on Kerzner International’s own finances such that it was unable to repay over $2 billion in debt owed to its creditors. This ultimately resulted in the ‘debt for equity’ swap that saw Brookfield Asset Management initially take over ownership of the Atlantis and One & Only Ocean Club resorts. Kerzner International retained ownership of Hurricane Hole, and placed it on the market with a $29.5 million sales price in mid2012. The property, though,
was pulled off the market one year later and traded to Brookfield’s Hospitality arm as part of a real estate asset swap between itself and Kerzner International. Mr Kosoy’s plans likely mirror Kerzner International’s ambitions for the site, and will probably involve upgrading the existing marina and its 90 dock slips. The marina by itself is a valuable asset, given the direct access it provides to Nassau Harbour, with few waterfront sites remaining on Paradise Island - especially with such a strategic location. Hurricane Hole is already able to berth mega yachts, and has 1,600 feet of water frontage. The dock masters’ office provides showers and a pool for marina guests, but apart from that Sterling and Mr Kosoy have a ‘blank canvas’ from which to undertake a major high-end real estate development. Mr Kosoy, who is understood to have a residence on Paradise Island, has already
developed and financed several real estate projects in that location, including Jason Kinsale’s (Aristo Development’s) THIRTY SIX and his own Beach House Villas project on the western side. Sterling, which has its legacy in real estate development financing, is now thought to be expanding into projects of its own, with Hurricane Hole’s redevelopment among those leading the way. “They’ve got some interesting project plans,” one source said of Sterling. “The company is in big expansion mode to build developments itself. It’s going to do a lot more in the resort area.” Other Bahamas-based real estate projects that Sterling has either financed or is involved with include ONE Cable Beach; Courtyard by Marriott in downtownNassau; Ocean Terraces on West Bay Street; Matt Lowe’s Cay in Abaco; and Sky Beach Estates, Eleuthera.
BRAND
NEW LOCATION! To serve you better, our Oakes Field office is being relocated
TO THE
RND PLAZA JOHN F. KENNEDY DRIVE
OPEN DECEMBER 11, 2017 OPERATING HOURS: Monday - Friday 8:30 am – 5:00 pm Visit our new location or our other convenient locations in New Providence 163 Carmichael Road, Walk-In Medical Plaza 12 Village Road · 56 Collins Ave · 21 Collins Ave
NASSAU 242.356.8300