NASSAU, The Bahamas, Thursday January 4, 2017 – The Bahamas government has approved the acquisition of Grand Bahama Power & Light Company Limited (GBPL), by Emera Caribbean Holdings Limited (ECHL).
In a statement announcing the buyout of the minority shares of ICD Utilities Limited, the part-owner of GBPL, the government said the transaction was approved by a majority of the Bahamian shareholders.
One of the stipulations for the proposed transaction included a requirement that “the majority of the minority” of shareholders should support the proposed shares acquisition. This threshold was significantly exceeded with the support of 96 percent of those who voted.
“While the policy of the Government is, and remains, to encourage Bahamian ownership and participation in the domestic economy wherever possible, it was not found to be legally justifiable for the Bahamas Government to intervene in the shareholding transactions between a private company and its shareholders, all of whom had the ability to seek independent counsel and advice,” the government said.
“The government’s commitment to advancing Bahamian ownership and participation in the economy will, in the near future, be further expanded and deepened with the offering of shares to the Bahamian general public and institutional investors in [mobile telephone company] ALIV and subsequently in BTC [Bahamas Telecommunications Company].”
The government said that would help in the expansion of a shareholder society for more Bahamians.