GOVERNMENT PROPOSES TO AMALGAMATE THREE PUBLIC COMPANIES

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Government proposes to amalgamate three public companies that essentially perform similar functions and tasks, all in an effort to streamline their operations and improve efficiency.

This is the word from Minister of Tourism, Richard Sealy, who revealed today that at a recent Cabinet meeting a decision was taken to amalgamate Needham’s Point Development Incorporated, Needham’s Point Holdings Limited and the Barbados Tourism Investment Incorporated into one entity, under the designation “Barbados Tourism Investment Inc. (BTI)”.

In explaining this development, Minister Sealy said “the three companies share the same overall mandate to undertake investments in the tourism sector for the benefit of the country, and as such, the achievement of Government’s economic goals and the meeting of genuine social needs by Barbados’ tourism sector, would be most efficiently met by the amalgamation.”

Minister Sealy also said “the proposed amalgamation would be subject to proper legal arrangements and to full consultations with the staff of the three entities.”

A reconstituted 13-member BTI Board mandated to oversee the amalgamation will subsume all previous Boards of the 3 organisations and will be headed by Managing Director of First Caribbean International Bank, Mr. Oliver Jordan.  The Deputy Chairman is Mr. Shawn Franklyn. The other Board members are Mrs. Faye Wharton-Parris, Mrs. Angela Mitchell-Gittens, Mr. Anthony DaSilva, Mr. Gregory Hazzard, Mr. Gilbert Rowe, Mr. Julian Jordan, Dr. Jerry Thorne, Mr. Mark Prescott, Mr. Paul Berstein, Mr. Decourcey Headley and the Permanent Secretary in the Ministry of Tourism or his nominee.

Meanwhile, a new Board for Barbados Conference Services Limited has also been announced. Its Chairman is businessman and insurance executive, Mr. Algernon Leacock.  Deputy Chairman is Mr. Adrian Elcock. The remainder of the seven-man Board comprises Mr. William Grant, Mr. Wayne Kirton, Ms. Jennifer Grant, the President of the Barbados Hotel and Tourism Association or his nominee, and the Permanent Secretary in the Ministry of Tourism or his nominee. The appointments to these Boards took effect from February 15, 2008.

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