Home' Trinidad and Tobago Guardian : January 26th 2017 Contents business A17
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Tourism officials in Tobago say
visitors from Trinidad are critical
to the survival of the industry be-
cause international arrivals have
dropped by eighty per cent.
President of the Tobago Chamber
Demi Moore-Cruickshank said Trini-
dadian tourists are extremely important
because they make up the majority of
visitors who support the local tourism
market. He described as "unfortunate"
a statement by political leader of the
Tobago Forwards Christlyn Moore who
called on Tobagonians to treat Trini-
dadians coming to Tobago with scant
Moore's statement arose out of her
concern that Trinidadians were be-
ing brought to Tobago to vote in last
Monday's Tobago House of Assembly
Cruickshank said: "With inter-
national tourist arrivals down from
90,000 in the period 2007-2007 to the
current 18,000, that 80 per cent decline
makes Tobago more heavily dependent
on the Trinidad market. They come on
weekends and rent villas, they stay in
hotels, they patronise bed and breakfast
He said the bigger concern was with
"If we fix Caribbean Airlines there
would be an increase in the number
of Trinidadian tourists to Tobago," he
said, as travel between the islands is a
20 minute flight "but you have to wait
at the airport five and six hours to get
He said: "That is the same length of
time it takes to get to Miami or JFK in
New York. If the airbridge is not fixed
obviously they will look for another
The issue was raised by political
leaders on platforms in the recent THA
election campaign and Cruickshank is
hoping something will be done to fix
the problem with urgency.
Speaking in Tobago during the PNM
campaign, Prime Minister Dr Keith
Rowley expressed concern about air-
lift to Tobago.
"We own an airline which seems to
serve everything in the Caribbean but
does not serve Tobago," he said
Dr Rowley said a mandate had been
given to the new board of Caribbean
Airlines chaired by Shameer Ronnie
Mohammed to change its long-stand-
"An airline that is owned by the
people of Trinidad and Tobago must
services Tobago at the international
level. That is the instruction we have
given to the new board," he said.
President of the Hotel and Tourism
Association Chris James confirmed that
Trinidadian visitors keep the island's
tourism industry going. He is hoping
more of them see Tobago as their des-
tination of choice as this could have a
positive impact on the industry.
In testimony before Parliament's
Joint Select Committee, officials of
Caribbean Airlines spoke of a $30 mil-
lion loss on the airbridge.
James' response is simple: "They say
the airbridge making $30 million loss,
but we never took tourism seriously. If
we value tourism we would realise that
the value of these tourists coming to
Tobago would wipe out any loss that
is made on the average."
He said those who complain do not
look at the spin off effects.
"The economy picks up. It is not just
the tourist spending money in a hotel.
They go outside and spend money," he
James added that at a time of falling
oil and gas prices, the economy could
be boosted by the tourism factor as the
sector creates jobs for several people
from farmers, to fishermen to taxi driv-
ers and others. In addition, 70 per cent
of what the island uses in tourism is
produced in Trinidad.
President of Tobago Chamber:
OFFER AND TAKE-OVER BID BY SIERRA TRADING ("SIERRA") FOR TRINIDAD CEMENT LIMITED ("TCL") DATED DECEM-
BER 5TH, 2016 AS AMENDED ON JANUARY 9TH, 2017 (the "Offer")
UPDATE FROM SIERRA TRADING ON ITS SUCCESSFUL
TAKE-OVER BID OF TCL
On January 24th, 2017, Sierra announced that its Offer was declared unconditional as at January 24th, 2017 with all terms and conditions
of the Offer having been complied with or waived.
Since that announcement, the number of TCL shares tendered in Trinidad and Tobago, Jamaica and Barbados has been revised and the tally
and Republic Securities Limited of all acceptances received) which, together with Sierra's shareholding in TCL, represents approximately
70.01% of the outstanding TCL shares (as the time of going to press on January 25th, 2017).
2017 pursuant to Regulation 16 (3) of the Securities (Take-overs and Mergers) Regulations, 1999 of the laws of Jamaica).
the TCL shares tendered.
Based on the current tally, the total consideration to be paid by Sierra for the TCL shares it will take up pursuant to the Offer is approximately
closes in Jamaica.
Payment in respect of TCL shares taken up by Sierra is expected to be made as follows:
In Trinidad and Tobago: On or before Friday, February 3rd, 2017 at the rate of TT$5.07 or US$0.76, depending on the currency option
selected by TCL shareholders in Trinidad and Tobago.
In Jamaica: On or before February 21st, 2017 at the rate of TT$5.07 or US$0.76 or the Jamaican currency equivalent of TT$5.07,
depending on the currency option selected by TCL shareholders in Jamaica; and
In Barbados: On or before February 23rd, 2017 based on the Barbados currency equivalent of TT$5.07.
Sierra wishes to thank all TCL shareholders who took part in the Offer as well as the other TCL shareholders who have expressed
Any questions by TCL shareholders regarding the Offer may still be directed to:
Commission, the Trinidad and Tobago Stock Exchange, the Barbados Financial Services Commission, the Barbados Stock Exchange, the
Financial Services Commission of Jamaica and the Jamaica Stock Exchange.
Republic Securities Limited ("RSL") 2nd Floor,
72 Independence Square Port of Spain
Tel: (868) 623-0435/6/8/9 Fax: (868) 623-0441
JCSD Trustee Services Limited
40 Harbour Street Kingston
Tel. (876) 976-3271
Republic Finance & Trust (Barbados) Corpo-
Mezzanine Floor, Broad Street
Tel.(246) 431-1262 Ext. 4170
Republic of Trinidad and Tobago
The Bankruptcy and Insolvency Act, 2007
(Section 15 (c), Regulation 9 (2))
NOTICE OF APPOINTMENT OF RECEIVER
In the matter of the receivership of Fiaz Rahaman trading as NISKAR AUTOMOTIVE
Notice is hereby given that on the 10th day January 2017. I, Varune Mungal of Business
Recovery and Advisory Services Limited, became the Receiver in respect of the property
of Fiaz Rahaman trading as Niskar Automotive Parts, an insolvent company. I became a
Receiver by virtue of being appointed by RBC Royal Bank (Trinidad and Tobago) Lim-
ited pursuant to Deed of Mortgage (DE200702497738).
Dated at Monday, this 23 day of January 2017.
Fiaz Rahaman trading as Niskar
Automotive Parts (In Receivership)
86, 7th Street
Trinidad and Tobago
Telephone (681-9235 or 326-*7328)
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