The Tribune

BISX-listed ICD Utilities is making its first capital return to shareholders in three years, as it prepares to pay out a collective $1.25 million dividend on January 3, 2014.

The holding company for a 50 per cent equity stake in Grand Bahama Power Company said the move, approved by its Board of Directors on December 17, had resulted from a three-year turnaround programme that had returned the utility to profitability.

Shareholders of record as at December 30, 2013, will receive $0.12 per common share, payable on and after January 3, 2014.

Sarah MacDonald, ICD Utilities’ president and chief executive, said: “At the November 26, 2013, Board of Director’s meeting of Grand Bahama Power, the directors approved the payment of a $2.5 million dividend on its common shares.

“This is the first dividend paid by Grand Bahama Power since early in 2010, and is the result of working through the company’s three-year turnaround plan.

“ICD Utilities’ share of this dividend is $1.25 million, and as a result ICD Utilities is now in a position to pay its first dividend since 2010.”