The Tribune

SARKIS Izmirlian’s company BMD Holdings today pushed back at reports that a Hong-Kong based company has entered into negotiations to acquire Baha Mar, pointing out that no deal has been brokered and reiterating that its own offer would still top any competitor's bid.

The company issued a statement on Friday that drew attention to the fact that Chow Tai Fook Enterprises (CTFE) has only “entered into negotiations” with the China Export-Import Bank (CEXIM) and its special purpose vehicle Perfect Luck.

The BMD press statement read: "The fact is that a close reading of the Chow Tai Fook Enterprises press release makes clear that there is no deal between Chow Tai Fook Enterprises and CEXIM/Perfect Luck. If indeed Chow Tai Fook Enterprises and CEXIM/Perfect Luck are in negotiations, then it can only serve the interests of the seller and The Bahamas to have a competitive process to achieve the best outcome.

"BMD stands fully prepared to engage with the seller to achieve such.”

The statement also pointed out that CTFE's announcement provided no financial details.

After months of speculation and intense national interest, the identity of the company in negotiations to acquire Baha Mar was disclosed late Thursday evening.

CTFE also said it will work with the government to conduct a phased opening of the beleaguered resort.

The press release suggested that Baha Mar’s hotels will be managed by separate brands as originally planned, and not by a signal hotel operator.

CFTE, however, did not disclose details about the terms of the transaction for acquiring Baha Mar or the ongoing negotiations, citing a non-disclosure agreement.