Business
Emera increases interest in Grand Bahama Power Company Limited
Emera increases interest in Grand Bahama Power Company Limited
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\n Dec. 2, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nHALIFAX, Dec. 2 /CNW/ - (EMA-TSX): Emera Inc. announced today that it has purchased an additional 55.4\n percent of direct and indirect interest in Grand Bahama Power Company\n Limited (GBPC) from MaruEnergy Grand Bahama Limited, an indirect\n subsidiary of Marubeni TAQA Caribbean Ltd., for US $82 million. The\n acquisition brings Emera's direct and indirect interest in GBPC to 80.4\n percent.\n\n\nIn 2008, Emera acquired a 25 percent interest in GBPC through its\n acquisition of 50 percent of the shares of ICD Utilities Limited\n (ICDU), the holding company listed on The Bahamas International\n Securities Exchange (ICD-BISX) which holds 50 percent of the shares of\n GBPC. This acquisition also makes Emera Inc. the majority shareholder\n of ICDU. The remaining 19.6 per cent of GBPC is held by other ICDU\n shareholders. \n\n\n"Emera's Caribbean presence is strengthened by our majority ownership in\n Grand Bahama Power," said Chris Huskilson, President and Chief\n Executive Officer of Emera Inc. "We look forward to serving the\n customers on Grand Bahama and bringing the efficiency and reliability\n of the electrical system on the island up to Emera standards."\n\n\n"We welcome Emera's increased investment in the Grand Bahama Power\n Corporation," said Minister Neko Grant, Minister of Public Works and\n Transport. "We look forward to working with Emera to the mutual benefit\n ...