Initial offering open until Dec 17, 2021
Bahamian citizens 18 and over eligible to invest
NASSAU, BAHAMAS — The Nassau Cruise Port (NCP) has launched its $25 million initial public offering (IPO), allowing for Bahamians to invest in the redevelopment of Nassau’s cruise.
CFAL is the book runner for the Bahamas Investment Fund (BIF) offering, which represents a 49 percent equity stake in the cruise port.
The cruise port operator has a 25-year concession to operate and manage Prince George Wharf, which starts when construction ends in 2022-2023, with an extension period of 15 years.
It is intended that the vast majority of shareholders will be small investors.
– Bahamas Investment Fund
The board of directors of the fund is comprised of Anthony Ferguson, Antoine Bastian and Owen Wells.
According to BIF documents, Bahamian citizens over the age of 18 are eligible to invest as the retail fund “aims to provide economic opportunity to tens of thousands of Bahamians by providing a pathway to share ownership in the port through NCP”.
“It is intended that the vast majority of shareholders will be small investors,” the BIF documents state.
“In order to ensure wide local participation, NCP will also provide financing to Bahamians so that the ownership base is as widely distributed as possible.
“The fund minimum investment for equity is B$1,000 to facilitate small investors.”
The offering will be open from December 8, 2021, to December 17, 2021.
Work being carried out at the port includes dredging of a new Oasis-class berth on the northeastern cruise pier extension; the creation of a new mega yacht berth, also on the northeastern pier; maintenance dredging to accommodate Quantum-class vessels on the passenger pier; and dredging at the rehabilitated Prince George Wharf pier, which is also being extended, to move from accommodating Dream-class vessels to providing space for the much larger Oasis-class ships.
Those interested in investing should contact CFAL directly at bif@cfal.com or (242) 502-7010.
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