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CBL re-elects board

Commonwealth Brewery Ltd (CBL) shareholders have re-elected the full slate of officers that served the publicly-traded manufacturer and distributor of beer, wine and spirits during fiscal 2015. Pictured: CBL directors (from left) Dennis Hanna; Radovan Sikorsky; Eugene Ubalijoro; Julian Francis, chairman; Cecile Williams-Bethel; CEO and managing director Hans Neven; and Ed Fields. (Photo courtesy CBL)

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TheBahamasInvestor.com
Monday, June 27, 2016
Sunday, June 26, 2016

ALT TAG HERECommonwealth Brewery Ltd (CBL) shareholders have re-elected the full slate of officers that served the publicly-traded manufacturer and distributor of beer, wine and spirits during fiscal 2015.

The unanimous vote came during CBL’s annual general meeting (AGM) held at the British Colonial Hilton June 8.

More than 100 attended the AGM, re-electing members of the board including Julian Francis, who has served as chairman since the company went public in 2011 and who represents the interests of majority shareholder Heineken NV.


Some 75 per cent of the shares are owned by Heineken and 25 per cent by Bahamian investors, including the National Insurance Board represented on the board of directors by Williams-Bethel.

CBL owns and operates 55 stores on 11 islands and manufactures and bottles beverages including The Bahamas’ most popular beer, Kalik, at its 150,000 sq ft plant on the southwest coast of New Providence.

CBL captures about 80 per cent of market share for beer sales and offers more than 225 labels at its retail stores and through wholesale sales, a substantial increase in recent years of premium brands.

Since going public in 2011, the company has paid out $80 million in dividends and share price has nearly doubled, from $8.33 at the time of the initial public offering to $15.50 at year-end fiscal 2015, December 31.

CBL remains debt-free with revenue relatively stable year-over-year at $123.5 million.

Officials from Bahamasair and the Greater Orlando Aviation Authority welcomed the arrival of a new non-stop service from Freeport to Orlando June 22, 2016.

Fred Mitchell, the Foreign Minister, is leading the delegation for The Bahamas, representing the Prime Minister, at the commissioning ceremony for the expansion of the Panama Canal in Panama City this week.

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