Bahamian public workers to become port owners
NASSAU, Bahamas, Thursday January 26, 2012 – Bahamian civil servants have just 3 more days to snap up 20% of the shares in the new Arawak Port Development Company (ADP).
The initial public offering (IPO) was launched two weeks ago by Prime Minister Hubert Ingraham and closes January 31.
In an unprecedented move, Ingraham offered government workers salary advances to facilitate their ownership of the shares in the Port Company, giving them up to 12 months to repay the advance through salary deductions.
The APD is a joint venture project through which the government will provide for the construction, management and operation of the new port at Arawak Cay. The government contributed the land and part of the financing while private sector members are providing the rest of the financing required for the construction. The private sector companies will now own 40% of the new Arawak Cay Port and the Government owns 40% while the other 20% were made available to the Bahamian public through the IPO at the same price as they were allocated to the government and the private sector entities.
The minimum number of shares to be purchased is 50 and each share costs BAH$10. Additional shares must be purchased multiples of 25. The maximum number of shares which may be purchased using the Government salary advance facility will be 500 – a little over BAH$5,000.
“The shares are a good investment. I highly recommend them for purchase by all Bahamians with the ability to purchase them. Ownership of shares in the Port will make more Bahamians owners of a bigger portion of the Bahamian economy. And it will cause thousands of Bahamians to share in what the owners of shipping operations on Bay Street enjoyed for generations,” said Ingraham.
He also advised the government workers and other members of the public who were able to buy shares at preferential prices through the IPO not to jump and sell their shares but to hold them for at least three years or not sell them at all.