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Hutchison Port Holdings (HPH) has begun the Phase IV expansion at Freeport Container Port (FCP) on Grand Bahama Island, which will be completed in 2009, bringing its total investment in the facility to US$585M.
The US$250M expansion project will see the addition of two berths with an overall length of 500m, increasing total quay length at the terminal to 1533m. The new berths will be equipped with six ship-to-shore cranes and 39 straddle carriers.
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Marubeni Caribbean Power Holdings, Inc, a wholly owned subsidiary of Marubeni Corporation of Japan, announced yesterday that it has completed the purchase of equity shares of Mirant Caribbean Holdings (MCH).
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Ross University, a division of DeVry Inc. (NYSE:DV), announced it will open a new location in Freeport, Grand Bahama, in January 2009. The new location will accommodate the growing demand from new students who wish to attend Ross University, which has a medical school campus in Dominica and a veterinary school campus in St. Kitts.
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Fenestration & Glass Services (FGS) located on Queens Highway, has plans to begin full production operations in four (4) weeks, with an official opening of the plant in November, 2008. The company manufactures hurricane impact windows, doors and all related components in its warehouse that occupies some 64,000 sq. ft of manufacturing area, located on a three-acre site on Queens Highway and will employ between 120 -150 persons.
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PharmaChem Technologies is an independently owned pharmaceutical & fine chemical manufacturing facility based in Freeport, Grand Bahamas Island, which was initially established in 1967 by Syntex and acquired by the current owners in September 2003. The plant is located on a 62 acre facility, of which 22 acres are currently developed, and has benefited over the years from several major upgrades making it a modern facility with an excellent cGMP history, with room for further expansion.
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Vopak and First Reserve Corporation announced the completion of the acquisition of the Bahamas Oil Refining Company (BORCO) oil storage terminal in Freeport, Bahamas. The equity value of the new company amounted to $550 million, split 80%-20% between affiliates of First Reserve Fund XI, L.P. and Vopak, respectively. The acquisition was financed in part by a senior secured credit facility fully underwritten by ABN AMRO Bank N.V. and DnB Nor Bank ASA, and received all regulatory approvals from the Government of the Bahamas. Full terms of the transaction were not disclosed.
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Universal Distributors Bahamas Limited is an import-export products management, distribution and warehouse company organized and headquartered in Freeport, Grand Bahama. The company is positioned to provide cost effective import-export services and distribution/warehousing capabilities as a result of its close proximity to the Freeport Container Port, which is a transshipment hub of The Americas.
