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New Providence Development Co gets new majority shareholder

H Hunter "Terry" White III and his family have acquired Lynum Investment Group Ltd's shares in the New Providence Development Co Ltd. The property developer counts the prestigious Old Fort Bay among its landholdings. 

Tuesday, December 27, 2011
Tuesday, December 27, 2011

Tavistock Group has announced that H Hunter “Terry” White III and his family have acquired Lynum Investment Group Ltd’s shares in the New Providence Development Co Ltd (NPDCo).

Since 1998, the diversified Bahamian land development company has been jointly owned and operated by the White family and Lynum Investment Group, an affiliate of Tavistock Group, which is a private investment company.

Lynum Investment Group held 50 per cent of NPDCo’s outstanding shares.

With extensive landholdings on the island of New Providence, NPDCo is the developer of the prestigious Old Fort Bay gated community and its Old Fort Bay Club. The company is currently developing the 21.5-acre Old Fort Bay Town Centre, a $30-million mixed-use retail and commercial center.

Old Fort Bay

In addition to land development and related operations, NPDCo operates a potable water utility business, which services more than 1,000 homes in the area.

Formed in 1962 by Canadian entrepreneur E P Taylor, NPDCo went public on the Toronto Stock Exchange in 1968. Thirty years later, the majority of the company’s shares were acquired by White and Lynum Investment Group.

“Both White and Tavistock are committed to The Bahamas, and we are confident NPDCo will continue to enhance the western end of New Providence under White’s leadership,” said Jefferson Voss, a managing director of Tavistock Group.

The first few months of 2011 saw the start of some major developments in The Bahamas, particularly in tourism and infrastructure. Here is a selection of the top posts on thebahamasinvestor.com during the first quarter of 2011.

In an exclusive interview in The Bahamas Investor January-July 2012 issue, Viana Gardiner, acting director of investments at BIA, says she expects the upward trend in foreign direct investment to continue through 2012.

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