Strong interest in cruise port share offering

Today is the final day to invest in Nassau Cruise Port Limited’s (NCP) Bahamas Investment Fund (BIF) and interest in the fund has been strong, according to CFAL Senior Financial Analyst Angelo Butler, who said applications continue to pile in.

While Butler could not say much more, he urged Bahamians to get their application and $1,000 minimum investment in today in order to not miss the opportunity to own a piece of Nassau’s cruise port.

Investor Dr. Jason Thompson told Guardian Business that although he is not new to investing, he remains a novice and sees the potential in the cruise port redevelopment project.

Despite the inherent risks in investing, in general, Thompson said putting his money into shares these days is much better than keeping it in a bank.

“This is the most I’ve ever invested, to date, in any one thing,” said Thompson. “I’m still very, very new to the investing game and all I know is that I’m getting a bigger return than if I keep my money in the bank. I expect that the project will get bigger as the port expands and as more ships come into the harbor, especially now that we have been a home port for cruise lines. I expect that we can get a good return on the investment.”

First-time investor Philip Brown, who is an avid cruiser, said he has seen the scope and scale in the cruise industry and expects the earning potential from holding shares in Nassau’s cruise port to be lucrative in the long term. He said while he is aware of the risk, he is hopeful the investment will be profitable.

“Cruising has always been a big thing for me. I’ve been on at least ten cruises over the past three years and I’ve seen the potential there is in it and how many people are on those cruises enjoying themselves, having fun and stuff like that. 

“I’ve never invested in anything before and knowing there are shares I could buy, so that I could be a potential owner, I thought it would be a good investment in hopes that things will pick up from this pandemic we have been going through over the past two years.

“This is my island. This is my country. I see the potential cruising has for the country and I want to be a part of that.”

NCP launched the much anticipated BIF a week ago hoping to attract the average Bahamian to invest in the redevelopment of Nassau’s cruise port, as it seeks to raise $25 million in equity financing.

NCP executives said they expect the subscription in the BIF to be oversubscribed.

Leading investment management and advisory company CFAL is the book runner for the BIF.

The minimum investment in the port is set at $1,000 at $5 per share and the offering will be open until today.

Everyone interested in investing will have the opportunity to get at least 200 shares. The goal is that subscriptions will hit the $25 million target. Butler added that each subscription over $1,000 will be purchased in $500 increments.

The port promised to offer a $10 million loan to Bahamians who may not have $1,000 upfront to purchase shares.

Those shares have been offered through salary deductions and civil servants are able to purchase their shares and repay the money over a ten-month period beginning in January, after which their share certificate will be issued.

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