Rupert Hayward of the Grand Bahama Port Authority (GBPA) has announced that his family will be selling a portion of their 50% stake in the GBPA. The Hayward and the St. George Families each own half of the entity.
Hayward told ZNS News, “my family’s view is that Freeport Port Authority is bigger than two families, it has to be. And, you know, for the benefit of finding the solution that takes this island to the next level would we consider selling something down at the right price with the right partners who have the right reputation, the balance sheets, the capabilities and experience to deliver on large scale sustainable development and on large scale urban revitalization and master planning, to help us build the blue and green economies, to create a sustainable infrastructure template so that this island is protected from storms, absolutely.”
The GBPA executive also addressed what was said about the GBPA by Prime Minister Davis during the 2023-2024 budget communication. “The Prime Minister talks about decisive action and he’s right and he talks about an eighth share that’s not fit for purpose and he’s right. And we’ve said that to PM. We said PM we need to change it. We need to update it. We agree with you. We need to do it now. We need to be decisive. Let’s get this done. Let’s work together to do it but let’s not fight,” Hayward said.
According to Hayward his family has identified potential buyers for the stake. He did not name any of them.
