Canadian Energy Conglomerate who’s after Barbados Light & Power acquires 10.74% of Shares of ICD Utilities Limited in Grand Bahama

ICD Utilities Limited ("ICD") is a holding company incorporated under the laws of the Commonwealth of The Bahamas for the purpose of ownership of a 50% shareholding of Grand Bahama Power Company Limited. ICD is listed on the Bahamas International Securities Exchange under the symbol ICD. Prior to this transaction Emera Inc. owned 50% of ICD.

ICD Utilities Limited (ICD – BISX) announced today the closing of the transfer of 1,073,917 common shares (representing 10.74% of its shares) to Halifax based Emera Inc. (EMA – TSX) for $7.40 per share. Emera purchased the ICD Utilities (ICD) shares from MaruEnergy Grand Bahama Limited, an indirect subsidiary of Marubeni TAQA Caribbean Ltd., as part of a transaction announced on December 2nd.

In the Caribbean, Emera owns 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the island of St. Lucia, 80.4% of Grand Bahama Power Company which serves 19,000 customers on the island of Grand Bahama and 38% of Light & Power Holdings, which serves 120,000 customers on the island of Barbados through its regulated electric utility, The Barbados Light and Power Company.

In 2008 Emera Inc. acquired 50 per cent of ICD. Today’s closing increases Emera’s interest in ICDU from 50 to 60 per cent. The remaining 40 per cent of ICD is held by individual shareholders. Emera also now owns majority interest (80.4 per cent) of Grand Bahama Power Limited.

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