The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Arawak Port Development Company (APD) said yesterday that approximately $17 million has been invested in the in-land break-bulk facility at Gladstone Road.

During the official opening of the 100,000 foot facility, APD chief financial officer Dion Bethel said that while the facility had been budgeted at $15.2 million there had been some additional costs incurred.

“This facility was about $15.2 million thereabouts. There were some other scopes to this facility that added to that cost. To date we have approximately $17 million invested,” said Bethel.

Mr Bethel noted that there was still work left to be done at the Arawak Cay port although it was fully operational.

“We still have some remaining work to be done at Arawak Cay. We have the completion of our administration building and also we would have some incomplete civil works that remain. Outside of that the primary core contract works are substantially complete. Outside of some dredging issues we would have encountered with the marine and dredge works and some out of scope works relative to BEC’s substation on Arawak Cay, all of the other aspects of the project came in on budget,” said Bethel.

Mr Bethel added: “The overall port was $83 million. At that time that did not consider some very key assets that were important for APD to own and control, those being the cranes. There are a new generation of cranes there today. That was not a part of the $83 million price tag. The cranes cost us about $2.5 million each. The main administrative building which has to be complete would be approximately $4 million and the out of scope works relative to the BEC substation would be a round $1.5 million or thereabouts. All of the funds are available from our bridge draw down facility which would allow us to complete those scope of works.”

APD’s $10 million IPO was launched back in December. Just over 11,000 Bahamians subscribed for the Arawak Port Development Company’s $10 million IPO, with subscriptions totalling some $44.6 million. The Government and private sector have each invested $20 million into the Arawak Cay Port, and with the completion of the IPO, they each own a 40 per cent stake, with the public holding 20 per cent.