Barbadian investors have lost the opportunity to get first pick at owning a piece of the historic Crane Residential Resorts.
Even as Jamaica remains in an International Monetary Fund programme, the owners of the St Philip company have chosen that island as the location to start raising $80 million via a private placement of eight million preference shares.
Crane owner Paul Doyle made the announcement in an interview the BARBADOS BUSINESS AUTHORITY, noting that the shares would be going on the market this month at $10 each, with plans to also offer them in Barbados and Trinidad and Tobago afterwards.
But the hotelier revealed that although Jamaica was having its own hard times, the Crane, trading name for Millennium Investments Limited, was facing tough questions from investors there who were worried about the current state of the Barbados economy.
At the same time, Doyle said his company fully intended to “take one step at a time”.
