APD contributed more than $35M to treasury in seven years
Arawak Port Development Ltd. (APD) has contributed more than $35 million to the public treasury in seven years and is being heralded as the operator of one of the best “infrastructure investments in The Bahamas to date”, given that 20 percent of the company is owned by 11,000 Bahamians, a press release marking the tenth anniversary of the port notes.
APD, which is listed on the Bahamas International Securities Exchange (BISX), was formed in 2009 and owns and operates the Nassau Container Port (NCP) and Gladstone Freight Terminal. The port was developed after it was decided the shipping companies which lined Bay Street had to be moved in order to begin the improvement and revitalization of the downtown area.
President and Chief Executive Officer of APD Mike Maura said in the release that the removal of the shipping hub from downtown was a landmark event that was considered by successive governments.
“One of the central issues that we were facing at the time was that the shipping operations on Bay Street were in direct conflict with a major part of the country’s tourism and retail sector, which negatively affected the area’s stakeholders and even national revenues,” said Maura.
“Through extensive collaboration between various government entities and other parties, we were finally able to make it happen.
“The ownership structure under the PPP is very clear – the government of The Bahamas invested $20 million for a 40 percent stake in the company; twenty corporate shipping sector stakeholders invested $20 million for another 40 percent equity through Arawak Cay Port Development Holdings Ltd.; and the remaining 20 percent is fully owned by over 11,000 Bahamian public investors through their subscriptions to the $10 million initial public offering we offered in 2012.”
Maura said since APD’s share price has been trading on BISX it has been as much as 74.3 percent over the initial offer price.
The company’s Vice President and Chief Financial Officer Dion Bethell said in the release that the port has significantly benefited the development of The Bahamas and Bahamian communities.
“We’ve also donated over $350,000 to 150 charities and non-profit organizations,” Bethell said.
“Over 400 Bahamians work at NCP, so it’s important for us to be socially responsible and to promote community involvement because we are the community.”
According to Bethell, several APD team members have been recognized internationally as industry experts.
“We’ve also been recognized by international associations for our efficiency and reliability. We were ranked as the number one port in port efficiency by the Caribbean Development Bank in May 2016 and received the award for the most reliable port by the Caribbean Shipping Association in October of that year,” he said.
Maura said making NCP a world-class shipping point has taken the work of many government agencies and private companies.
“We are extremely proud of all we’ve accomplished over the last ten years and the impact that our Bahamian team has had on the regional maritime sector,” he said.
“ It is my sincere pleasure to thank the employees of APD Ltd., our shipping partners, the men and women which work tirelessly every day in our maritime space and each of the various government agencies that have supported us on this journey. I must make special mention of the 10-year partnership with the Bahamas Customs Department and the Ministry of Finance, which have directly influenced the port’s success.”
JUMPLINE: ‘We are extremely proud of all we’ve accomplished’
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