Butch Kerzner, CEO of the company announced yesterday that up to one million shares, worth more than $40 million in total, will be made available in the Bahamas from June 14 to July 2.
“we’ve always wanted to allow Bahamians the opportunity to share in the successes of our company,” Mr. Kerzner said.
Shares will be offered through Fidelity Merchant Bank and Trust not only to Bahamian citizens and companies, but also to Bahamas residents with the unrestricted right to work. Other residents and resident companies will need apporval to buy shares.
To make the shares available to the Bahamas, Kerzner International has obtained special approval to deposit them with Fidelity, who will then sell them to Bahamians in the form of Bahamian Depository Receipts (BDR’s). Ten BDR’s will represent one Kerzner Internatiuonal share which is currently worth around $45.
Kerzner employees will be the first to be offered shares, and will have the opportunity to buy their first $800 worth at a 20 per cent discount.
Ms. Maynard-Gibson said: “It’s good for tourism, it’s good for financial services, it’s good for the employees of Kerzner International and it’s good for the people of the Bahamas.”
Source: Robert Bain, The Tribune
