Nassau Cruise Port

Nassau Cruise Port Limited is owned 49% by Global Ports Holding Plc, 49% by Bahamas Investment Fund and 2% by the YES Foundation. Hence, shareholders will be investing in the Bahamas Investment Fund. As such, investors in the fund will vote on fund specific issues while the Director’s of the fund will vote at the NCP level.

Nassau Cruise Port Limited is owned 49% by Global Port Holdings Plc, 49% by Bahamas Investment Fund and 2% by the YES Foundation. Hence, shareholders will be investing in the Bahamas Investment Fund. As such, investors in the fund will vote on fund specific issues while the Director’s of the fund will vote at the NCP level.

The amount of the equity offering will be $25 million which will be matched by Global Ports Holding. Of this sum, up to $10 million will be reserved for the deferred payment program.

Shares will be priced at $5 each. The minimum initial investment 200 shares, which means that you must invest at least $1,000 to participate in the Bahamas Investment Fund offering. The minimum increment thereafter is 100 shares or $500.

Eligible investors must be:

• a natural person; and
• over the age of 18 years old; and
• a Bahamian citizen or permanent resident with an unrestricted right to work; and not acting as nominee for any other person that is not a Bahamian citizen or permanent resident with an unrestricted right to work.

If a Corporation:

1. the applicant is established under the laws of The Bahamas and is a resident for exchange control purposes; and
2. the applicant is wholly owned by individuals who are citizens of The Bahamas or permanent residents with the unrestricted right to work; and
3. all necessary corporate actions have been taken to authorize the purchase of the Class B Shares; and
4. the applicant is not applying for the Class B Shares as nominee for any other person, corporation, trust or fund that would not be an Eligible Investor.

If a Trust or Pension Fund:

1. the beneficiaries of the trust or fund are citizens of The Bahamas or permanent residents with the unrestricted right to work; and
2. the applicant is resident for exchange control purposes; and
3. the trustees of the trust and managers of the fund represent that they have the necessary power and all requisite actions have been taken to enable them to effect the purchase of the Class B Shares; and
4. the applicant is not applying for the Class B Shares as nominee for any other person, corporation, trust or fund that would not be an Eligible Investor.

Individual Investors

• Certified copies of two forms of valid government issued identification (passport, driver’s license, NIB card)
• Certified copy of current proof of address (copy of utility bill, bank statement, voters card)
• Approved salary deduction form (individuals under deferral program only)
• Proof of transfer payment to CFAL’s account below.

Corporate Investors

• Certified or Notarized copy of the entity’s formation document (Certificate of Incorporation, Memorandum & Articles of Association, trust agreement, etc.)
• Certified or Notarized copy of list of authorized signatories
• Register of Listing of Directors
• Verification of identification for each Director (Certified or Notarized copy of Passport)
• Proof of address for each Director (Certified or Notarized copy of utility bill, bank statement or voter’s card)
• Proof of transfer payment to CFAL’s account

Below is a short list of individuals who can certify documents: 

• Licensed Public accountants
• Employee of the financial institution at which the service is being requested
• Senior civil servants, including law enforcement officers
• Justice of the peace or notary public
• Minister or Priest
• Counsel & Attorney at law

Applications under 10,000 shares do not need certified documents. Applications exceeding 10,000 shares will be rejected without certified documents and will need to be resubmitted.

Please retain:

• A copy of the application form/registration confirmation
• A record of the transfer of funds
• Your application number

If the application is being submitted on a joint basis, then an individual can have multiple subscriptions submitted.

The deferral program will be for subscriptions of $1,000. To qualify for a deferred Bahamas Investment Fund Subscription, individuals must work for The Bahamas government or a public corporation that can have payment submitted via the Public Treasury.

Individual investors will make 10 equal payments of $100 beginning January 2022 through October 2022. Upon completion of the final payment, investors will receive an official confirmation of their holdings.

After the failure to pay three consecutive payments, an investor’s subscription will be deemed default with shares forfeited. Funds will be refunded without any interest within 28 days of the subscriptions being deemed default.

No partial subscriptions will be accepted.

CFAL’s deduction code for the Public Treasury is 2198.

Applicants must be over 18 years old.

No. All applications, forms, payments, and required information must be received through our online portal on the website.

Yes. The transfer details should clearly state the name of the individual applying.

Returns will ultimately depend upon the success of the Nassau Cruise Port and projections outlined in the offering memorandum may not materialize as projected. Investors will earn returns via dividend payments and NAV appreciation.

The company expects dividend payments to begin in 2025.

For a period of 1 year after 31 December, 2021 the Shareholders will not be able to transfer, sell, pledge, grant any option to purchase, otherwise dispose of, any Shares in the Fund and for a period of 3 years after 31 December, 2021, the Shareholders will not be able to redeem any Shares in the Fund.

Shareholders will have the right to redeem all or a portion of their Class A Shares on any Valuation Date and at such other times, with the consent of, and upon such terms of payment as may be approved by, the Board.

Minimum Redemption Amount

Each redemption will be subject to a minimum redemption number of 100 shares, and no partial redemption will be permitted if a Shareholder’s remaining Class A Shares would be less than 100 shares, provided that such requirements may be waived or amended with respect to any Shareholder by the Board, in its sole discretion.

Payment of Redemptions

When a Shareholder makes a request for redemption of its Class A Shares or its Class B Shares, as applicable, the Fund will endeavor to pay the entirety of the redemption price for the redeemed Investor Shares within thirty (30) calendar days following the applicable Redemption Date.

The fund will have an annual NAV calculated on March 31 of each year. After the lockup period, investors will be able to redeem at this prevailing NAV.

The NAV will reflect the net asset value of the fund on an annual basis. Directors, along with the Investment Manager, will determine appropriate valuation methods for The Nassau Cruise Port shares which are owned by BIF. Directors intend to use the book value of BIF’s ownership stake in NCP as a base case for the value of the shares. This means that the NAV will reflect movements in NCP’s equity and primarily be driven by the performance of the company.

No. The directors of the fund will attend the board meeting of Nassau Cruise Port and vote on behalf of the fund.

Updates on Bahamas Investment Fund investment opportunities will be available on the website of the fund.

• Redevelopment of the Port that will create recreational, entertainment, shopping and food & beverages spaces, and extend berthing capacity of the Port and create a new inner harbor for the transfer of cruise passengers by water,
• Development, Design & Engineering and Inspection of the Project,
• Ancillary community contributions to support Bahamian ownership in the Project and assist local entrepreneurs and merchants to further develop their business that are committed under the Port Operation and Lease Agreement.

The design and engineering works both for marine and landside have already begun. The construction commenced in March 2020 and is targeted to be completed by Q3 2022. NCP will continue its operations without interruption during construction.

• Strategic National Infrastructure Asset – Nassau Cruise Port is essential to The Bahamas’ economy and benefits from the strong support of the government,
• Long-term cruise industry growth – One hundred and thirteen new cruise vessels are on order with a total passenger capacity of 232,172 scheduled for delivery through 2027; the cruise industry is also highly resilient, with a proven track record for quick recovery from recessions and other shocks.
• Experienced port operator – Global Ports Holding, as sponsor and lead responsible for the operations of NCP, is the world’s largest independent cruise port operator.
• Attractive Caribbean cruise market – The Caribbean is the most popular cruise destination in the world.
• Geographical Location – The Bahamas is one of the closest markets to the U.S., making it very attractive to cruise lines in both 3–4-day short cruises, and longer ones as an essential part of their itineraries from Florida homeports.
• Open access regime – This will enable growth from all cruise lines parallel to the increase in berthing capacity.

At least 80% of the labour required to complete the construction of the new port will be provided by Bahamians. Between 2020 and 2022, this project will create nearly 1,000 new jobs and will have a cumulative impact of approximately B$300 million.

NCP’s high-level estimate is that the Project will have a cumulative impact of B$16.0bn from 2020 to 2049 due to the expected increases to cruise passenger arrivals, onshore rates and cruise passenger  spending.

ENKA Construction and Development B.V. will be the EPC contractor. ENKA is an international construction company ranked among the ENR’s Top International Contractors since 1981. With a track-record of more than 2,000 completed projects, ENKA has vast international experience and financial strength to provide full range of required services. The company has deep know-how in marine and superstructure construction and is currently undertaking the construction of the US Embassy in Nassau as general contractor. 21005.

ENKA generated USD 1.9 Billion turnover in 2019 and is publicly traded with a Market Cap of circa USD 5 Billion.