Berbice Bridge Company repaying NIS loan

first_img… as GM welcomes presence on Board of DirectorsThe Berbice Bridge Company Inc (BBCI) has been making its payments to the National Insurance Scheme (NIS) on the Subordinated Loan stock that has been issued. This was confirmed by NIS General Manager, Doreen Nelson, who was on Friday responding to media operatives on returns being had on the entity’s investments.NIS General Manager Doreen NelsonThe NIS General Manager had at the time witnessed an agreement being inked by Government, meant to see the repayment of $5.6 billion that had been invested by NIS in the Colonial Life Insurance Company Limited (CLICO) but had become impaired when the company was ordered liquidated.On the matter of the financial position of NIS and its returns on its various investments, Nelson said that this was a matter being engaged by the entity’s Finance and Investment Committee.She did seek to point out that BBCI has been making good on its payments with regards a subordinated loan stock but regards dividends being paid on its shares owned – BBCI has been experiencing financial straits.She nonetheless welcomed the greater presence that the company has been able to secure in recent times.“We’ve been able to have a presence now on the Board for the bridge and they are looking into matters that have to do with the bridge,” Nelson said.With regards the repayments, Nelson told media operatives, “I know in relation to subordinated loan stock, we have been receiving our payment.”She said the company has been finding it challenging with regards dividends to be paid on its ordinary shares.The ownership structure of BBCI is made up of ordinary share capital of $400 million owned by private investors and preference shares of $950 million owned by NIS.The holders of the ordinary shares, are NIS, Queens Atlantic Inc and Secure International Finance Company, Hand-in-Hand and Demerara Contractors (owned by Demerara Distillers Limited [DDL]).last_img read more