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The Tribune
Wednesday, December 21, 2011
Wednesday, December 21, 2011
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THE Arawak Cay port will generate an extra $800 million in Bahamian gross domestic product (GDP), and more than 1,200 full-time jobs, over an initial 20-year period by freeing up 20 acres of prime Bay Street land for downtown Nassau’s redevelopment.
These projections, contained in the Economic Impact Statement produced for the Nassau Container Port project by KPMG Corporate Finance, described “the most significant impact” from the $83 million project as being the relocation of the container shipping industry from the heart of Nassau’s city centre.
The findings, disclosed in the report obtained by Tribune Business, came as the placement agents for the $10 million Arawak Port Development (APD) initial public offering (IPO) expressed great optimism that the offer will be “fully subscribed” well before its January 31, 2012, close.
The APD IPO is the first one to be held over the Christmas period. Previous offerings have traditionally avoided such timing, given that investor minds and disposable income, especially on the retail side, are traditionally deployed elsewhere, but Providence Advisors’ chief executive, Kenwood Kerr, said the IPO had already attracted great interest since its Friday launch.
“We’re very confident that the offer will be fully subscribed, notwithstanding the time of year,” Mr Kerr told Tribune Business yesterday.
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