Government extends $260m airport bidding

THE GOVERNMENT has extended the initial bidding deadline for the $260m Family Island airports transformation project by two weeks to end-April to ensure “we get it right”.

The Ministry of Tourism, Investments and Aviation, in a statement, said it has extended the deadline for pre-qualification submissions beyond Sunday’s April 16, 2023, target at the request of potential bidders wanting more time to gather relevant information.

It added that the twoweek extension to a new April 30, 2023, deadline will “allow for the highest possible level of participation” by local and international bidders.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said: “Many credible, interested parties have asked us for more time to gather the information required to qualify to present proposals. “This is something we have to get right to ensure the future growth of our Family Islands. We want the widest set of competent options to choose from before we move to the next stage.” The Government launched the process to transform 14 Family Island airports on March 1, 2023, seeking bids from parties capable of building, financing, operating and managing these facilities via a private-public partnership (PPP) business model. The winning groups will lease the airports under a longterm concession, although the Government will retain ownership of the land and real estate. limited, preventing Novo Nordisk from exploiting its lead on its closest competitor. And long-time competitor, Eli Lilly, is catching up with Tirzepatide, in which test subjects used in one study lost 21 percent of their weight. The market for this sort of drug seems to only increase with time and the change in our lifestyle habits. Two out of every five persons worldwide were overweight in 2020, and the COVID pandemic made us even more aware of this growing problem. In 2035, more than 4bn people worldwide will be overweight or obese.

Obesity can contribute to cardiovascular disease, diabetes and various types of cancer. And these illnesses can be very costly for each country and all involved industries. The increase in obesity will reduce global gross domestic product (GDP) and hamper the development of low income countries. In absolute figures, the greatest economic damage is to be expected

OPPOSITION FEARS BPL DEAL NEGOTIATIONS ‘IN THE DARK’

FROM PAGE B1

Pedro Rolle, BPL’s chairman, was said to have written a memorandum to other Board members to inform them that “the finer details of the proposed agreement” with Bahamas Utilities Holdings “are still being negotiated at the senior government level”. This implies that talks are being held at the Cabinet, Cabinet committee and/or senior policymaker level, and raises several questions. No open tender process appears to have been conducted for BPL, which would enable all interested parties to bid under the same terms and conditions, even though the Public Procurement Act - and reforms to purportedly make the legislation even more transparent, and provide greater accountability and taxpayer value for money - recently passed through Parliament and received significant public focus.

And, based on Mr Rolle’s memorandum, it appears that BPL’s Board and senior management are playing little to no role in the talks. Dr Sands blasted: “This administration has taken the approach that the entire procurement process, since coming to office, has been in the dark. There’s no transparency. We don’t know Bahamian taxpayer dollars are being spent.”

The FNM has frequently blasted the Davis administration for allegedly violating the original Act by failing to publish all public sector contracts awarded since it took office in September 2021, along with the identities of the winning bidders and the dollar value of the award.

The Government, though, has argued that its predecessor left in place “unworkable” legislation that was unsuited to the practical realities of The Bahamas and how government operates. It asserted that key posts required by the Public Procurement Act had not been filled, and that there had been no capacity building in the public service to ensure it could be implemented. It has also pledged to publish contract award details.

“They are proceeding as if they are a law unto themselves,” Dr Sands argued. “When you are talking about my money and your money, I have a right to know a contract is being awarded, and on what basis and to whom. This is par for the course. This is the ordinary way of doing business for this administration, and they don’t see it - given their super-majority in the House of Assembly - as something they need to change.”

Well-placed Tribune Business sources, though, revealed that FOCOL Holdings (Bahamas Utilities Holdings) and Shell are far from the only party interested in BPL. “There are a number of other parties with proposals in front of the Government,” one confirmed, speaking on condition of anonymity. “All of the usual suspects are at the table and then some. None of them ever left the table.

“This article gave the impression that the FOCOL group are the only guys at the table with the in China, the US and India. It will cost China an estimated $10trn by 2060, while the US will have to budget $2.5trn in damage and India $850bn. Obesity will reduce GDP by about 10 percent in The Bahamas by 2060.

Therefore, it is no surprise that the pharmaceutical companies are spending tons of money to be on the forefront of the latest craze. The share prize for Novo Nordisk has jumped 42 percent yearover-year. Eli Lilly has seen an increase of 23 percent. Compare this to the share price changes year-overyear of Novartis and Pfizer, and you can see the impact the new kind of drug has made.

Overall, the weight loss industry is highly competitive with a variety of companies competing for market share. It represents a great opportunity for the savvy investor.

Government, when nothing could be further from the truth. It’s giving people the impression they are the last ones at the table and are finalising their deal, and that’s not the case. It couldn’t be further from the truth.”

The FOCOL/Shell partnership, based on information disclosed, is offering to supply BPL with power generated by utilityscale solar as well as LNG fuel. The proposal is also offering to manage some of BPL’s New Providence generation assets and, from that perspective, bears a striking resemblance to the power plant deal with Shell North America that was left behind by the Minnis administration - albeit with FOCOL now included.

Those negotiations had focused on Shell taking over responsibility for New Providence’s baseload generation via 220 Mega Watts (MW) at Clifton Pier, much of which was already installed. The multinational energy giant was also to finance and construct an LNG regasification terminal so that this fuel would be available to drive the new power plant’s engines. Following the fuel hedging controversy, the Davis administration has yet to publicly reveal a comprehensive strategy for dealing with cash-strapped BPL’s multiple issues. These include the long-awaited, and much-needed, refinancing of its legacy debt that was supposed to have been done by the Rate Reduction Bond (RRB) issue that has been shelved after global interest rates moved against it.

One contact suggested the Government will soon be under pressure to unveil a BPL solution when summer electricity bills peak in a few months’ time due to the 163 percent fuel charge hike compared to October 2022, as the utility moves to reimburse Shell for $90m in under-recovered fuel costs.

“They have to make a decision now,” they said. “If everything goes perfect it will take three years to build an LNG regasification facility. If the Government wants to cut the ribbon before the next election, they will have to do something now.”

Notice is given hereby in accordance with Section 138(8) of the International Business Companies Act, 2000, the dissolution of NMHG INVESTMENTS LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Registrar.