For Immediate Release
|Title:||10.74% of Shares of ICD Utilities Limited Acquired by Emera Inc.|
GRAND BAHAMA, Bahamas, Dec. 22, 2010 /PRNewswire/ — 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 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.
About ICD Utilities Limited
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.
About Emera Inc.
(EMA and EMA.PR.A -TSX) is an energy and services company with $5.8 billion Canadian dollars in assets. Electricity is Emera’s core business. Approximately 94% of Emera’s revenues are earned by Nova Scotia Power Inc (NSPI), Bangor Hydro Electric Company (BHE) and the Brunswick Pipeline. NSPI and BHE are wholly-owned regulated electric utilities which together serve 603,000 customers. The Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera also owns Maine and Maritimes Corporation, the parent company of Maine Public Service Company, a regulated electric utility serving approximately 36,000 electricity customers in Northern Maine and MAM Services Group. 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 addition to its electric utility investments, Emera owns Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick; Emera Energy Services, a physical natural gas and power marketing and asset management business; a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; and an 8.2% interest in Open Hydro.