(CMR) A reliable source has indicated that Dart will be purchasing Brac Power and Light Company Ltd. (CBP&Lcal) and the deal should be completed and finalized in the coming weeks. The sale would be subject to OfReg approval.
General Manager, Johnathan Tibbetts was reached but offered no comment on the matter.
However, speaking to CMR on the basis of anonymity, a well-placed source shared that the deal is set to close in about two weeks and the deal is all but completed.
On December 17, 2003, the Cayman Islands Government awarded a license to Cayman Brac Power and Light Company Limited (CBP&L) pursuant to the provisions of the Electricity Law (2003 Revision). CBP&L had an exclusive Licence to generate, transmit, distribute and supply electricity in the entire service area of Cayman Brac and Little Cayman. The license has a term of 15 years. CP&L’s license expired on 16 December 2018.
They would have had a power and distribution concession under the old legal regime. However, there are different terms and conditions under OfReg. We understand that there was a temporary draft license issued under the leadership of Alee Fa'amoe who was acting MD at the time. This gave CBP&L legitimacy. However, the license has not advanced under Gregg Anderson in over a year now.
MP Moses Kirkconnell is said to have a controlling interest in CBP&L as well as Brac Informatics Ltd. which was recently was also rumored to have been sold. Speculation is that Moses Kirkconnell will not be running for another term and maybe liquidating in order to retire comfortably.
Some shareholders have noted that they are looking forward to the sale since no dividends have been paid since 2008 and the company has also not held any AGMs.