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Business as usual during elections in St. Kitts and Nevis

The world’s best-esteemed CBI program continues to move full steam ahead.

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Dr. Timothy Harris, prime minister of St. Kitts, with Carl Walwyn of The Fairway Group at the 2019 Caribbean Investment Summit.

This CBI-focus feature is sponsored and provided by The Fairway Group.

The country with the highest number of billionaires (per thousand residents) has been in the news lately as many individuals of high net worth wait for their applications for citizenship to be approved.

In terms of government and governance, St. Kitts and Nevis have a National Assembly, which is a unicameral legislature consisting of eleven representatives and three senators. Representatives are elected whereas senators are nominated by the governing party and the opposition.

Until recently, the government consisted of a coalition between the People’s Labour Party, Peoples Action Movement and Concerned Citizens Movement out of Nevis. This coalition was headed by Dr. The Honorable Timothy Harris, who is the prime minister. A series of events set in motion an inevitable election, which will occur next week.

The representatives of the People’s Action Movement and Concerned Citizens Movement put forward a motion of no confidence to challenge government support in the Assembly. Because they had the majority they were able to call for the resignation of the prime minister as is their right under constitution.

In a situation like this, the prime minister has two choices. He must either resign or advise the governor general to dissolve the Assembly. The prime minister must do this within three days of the majority vote of no confidence. Once this happens an election must be called within 90 days.

As you can imagine, the past 90 days have been busy with intense campaigning as Kittitians and Nevisians prepare to go to the polls and politicians attempt to secure the loyalty of their constituents. 

The Fairway Group would like to assure their clients that it is business as usual in St. Kitts even as the federation prepares for elections on Aug. 5. 

All St. Kitts and Nevis passport applicants must first be registered as citizens of the federation. Each Certificate of Registration requires the wet signature of the prime minister and, last week, The Fairway Group received his signature on five such certificates. 

Signed Certificates of Registration forms for citizenship in St. Kitts and Nevis.

The Certificate of Registration is the final step in the citizenship-by-investment (CBI) approval process before the issuing of passport and is one final opportunity to confirm that all information is correct before the passport goes for printing. 

As some background, The Fairway Group is a real estate development company offering investment opportunities in a boutique hotel in St. Kitts in the Caribbean. Purchase of shares in this project enables the investor to apply for St. Kitts and Nevis citizenship and a passport – voted the best second passport in the world.

The passport allows the holder to travel to more than 160 countries and territories without having to wait for a visa. 

The single applicant investment for Fairway’s Real Estate Share Option is $285,000. The projected ROI is up to eight percent which is paid in U.S. dollars. 

Dividend and interest accrual in U.S. dollars means that the principal is not subject to possible wide swings in the value of the currency of the CBI investor’s birth country. 

The St. Kitts and Nevis passport was crowned The Best Second Passport in the world by Wealth Managers Magazine – (Forbes) and is the original and longest running CBI in the world. St Kitts and Nevis invented the CBI program back in 1984 and it is now copied by scores of countries seeking to boost their economies. 

The Fairway Group will be in Nigeria on Aug. 1 through 21 to engage in confidential consultations with individuals of high net worth who understand the value of being able to move capital and skills across borders as they themselves enjoy the freedom of business or leisure travel. 

We look forward to celebrating with our newest citizens and meeting all of you who were waiting for proof of concept before making your purchasing decision.

More information is available at The Fairway Group website: www.thefairwaycondos.com

Contact The Fairway Group: https://bit.ly/3OKK9Si

The Fairway Group

The Fairway Group is a Real Estate Development Company offering Citizenship By Investment application services on the island of St Kitts in the West Indies.

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Financial services firm linked to Egypt’s Sawiris family suffers over $12 million in losses in H1 2022

OFH was founded in 1997 by the late Onsi Sawiris, a member of Egypt’s billionaire Sawiris family.

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Naguib Sawiris.

Orascom Financial Holding (OFH), a technology-driven financial services investment company led by the Sawiris family, reported losses in excess of $12 million at the end of the first half of 2022, owing to rising operating expenses.

Founded in 1997 by the late Onsi Sawiris, a member of Egypt’s billionaire Sawiris family, and led by his son Naguib Sawiris, OFH incurred standalone net losses of EGP234.45 million ($12.23 million) in the first half of 2022, compared to net profits of EGP 55.17 million ($2.87 million) in the same period in 2021.

Its financial performance in the six months ending June 30 was hampered by a loss of EGP320.5 million ($16.75 million) in the second quarter. The news comes after the group reported a consolidated net profit of EGP27.43 million ($1.43 million) in the first three months of 2022.

Despite a 30.8-percent increase in revenue from EGP57.9 million ($3.02 million) to EGP75.75 million ($3.96 million), the group was in the red at the end of the first six months of its 2022 fiscal year due to a surge in operating expenses.

This represents a decline from the EGP27.43 million ($1.43 million) in profit reported in the first three months of the year.

Despite its poor financial performance in the first half of 2022, its shares on the Egyptian Stock Exchange were slightly higher at EGP0.19 ($0.0099) per share, up from an opening price of EGP0.18 ($0.0094) per share earlier this month.

OFH’s share price has fallen from EGP0.23 ($0.012) to EGP0.19 ($0.0099) since the start of the year, bringing its market capitalization on the local bourse below EGP1 billion ($52.3 million), while the Sawiris family’s 51.6-percent stake in the group is valued at EGP510 million ($26.66 million).

OFH sold a portion of its holdings in one of its subsidiaries, Beltone Financial Holding, to Chimera Investment, an Abu Dhabi-based firm led by Pakistani businessman Syed Basar Shueb, as part of its efforts to exit its recent loss position.

It is unclear how much of OFH’s 59.22-percent stake was acquired during the share-purchase transaction.

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Aga Khan IV-backed Jubilee to receive $2.27 million from sale of Mauritian insurance subsidiary

Jubilee Holdings is a Kenyan investment holding company.

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Aga Khan IV.

Jubilee Holdings is on course to pocket a total of Ksh270 million ($2.26 million) from the sale of a 54.15-percent stake in its Mauritian subsidiary Jubilee Insurance Company of Mauritius Limited to Allianz SE.

Alliansz SE is a German multinational financial services company headquartered in Munich.

The transaction is the fifth to be concluded under a 2020 agreement in which Allianz began the process of purchasing majority stakes in Jubilee’s general insurance units in five countries, including Mauritius.

“We expect to close the Mauritius transaction in September… For Jubilee, the total consideration is Sh270 million,” Nizar Juma, chairman of Jubilee Holdings, said, setting the timeline for the $2.26-million deal with the German multinational insurer.

Jubilee Holdings is a Kenyan investment holding company with active operations and investments in Kenya, Uganda, Tanzania, Burundi, and Mauritius. It owns 88.15 percent of Jubilee Insurance Company of Mauritius Limited.

Shah Karim al-Husayni, also known as Aga Khan IV, is best known for founding Nation Media Group, Africa’s largest independent media organization. Through the Aga Khan Fund for Economic Development, he owns 37.98 percent of Jubilee Holdings and 11.85 percent of its Mauritian subsidiary.

According to BusinessDaily, Allianz will purchase additional shares from Aga Khan IV, who will sell his 11.85-percent stake in the Mauritian subsidiary as part of the deal.

With the deal expected to close next month, Jubilee Holdings will see its ownership interest drop to 34 percent as part of its partial divestiture in its general insurance businesses, which follows the sale of similar assets in Kenya, Uganda, Tanzania, and Burundi.

Over two months ago, Jubilee received Ksh1.4 billion ($11.7 million) from the sale of a majority stake in its Tanzanian general insurance business to Allianz.

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Nigerian billionaire Femi Otedola gains $12.7 million from stake in FBNH

FBNH is one of Nigeria’s largest financial services conglomerates.

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Femi Otedola. ©Billionaires.Africa

Nigerian billionaire Femi Otedola’s stake in the country’s oldest commercial bank, First Bank of Nigeria Holdings Plc (FBNH), has risen by more than $12 million in recent months, as shares in the financial services group rebounded strongly after falling below key levels.

According to data tracked by Billionaires.Africa, Otedola’s stake in FBNH has increased in value by N5.34 billion ($12.7 million) in the past 54 days, as investors continued to cherry-pick stakes in the commercial banking group after its price fell below N9 ($0.0214) in June.

FBNH is one of Nigeria’s largest financial services conglomerates. It is the non-operating holding company of First Bank of Nigeria Limited, the country’s oldest commercial bank, with active operations in 10 countries.

According to a flurry of trading updates published on the Nigerian Stock Exchange in June, Otedola sold 664,939,764 shares in four separate transactions, reducing his stake in the Nigerian lender from 2,717,282,140 shares, or 7.57 percent, to 2,052,342,376 shares, or 5.72 percent.

Shares in the financial group have increased by 31 percent since June 21, nearly 54 days ago, from N8.4 ($0.02) to N11 ($0.026) at the time of writing, amid renewed buying interest in the bank’s shares on the local bourse.

As a result of the double-digit increase in the shares of FBNH, the market value of Otedola’s 5.72 percent stake in FBNH has increased by N5.34 billion ($12.73 million), from N17.24 billion ($41.12 million) on June 21 to N22.58 billion ($53.85 million) at the time of writing this report.

The recent gains in his stake follow a dividend of N951.05 million ($2.29 million) from his equity stake in the financial services group that he received earlier this year.

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