The Tribune

By NEIL HARTNELL

TRIBUNE Business Editor

nhartnell@tribunemedia.net

FREEPORT building materials suppliers are planning to supply both the Government and Grand Bahama Port Authority (GBPA) with data by next week “to support the argument” they face unfair competition and predatory pricing.

Glennett Fowler, founder and group president of the Heroic Group, which includes Heroic Concrete & Concrete Products, told Tribune Business that the eight-strong group met last week and gave themselves a “14-day timeline” to write to the authorities as she branded the enactment of competition laws “a priority” for The Bahamas.

The meeting, and government and GBPA outreach, are the latest move by Bahamian-owned operators to address concerns that a foreign-owned operator, Del Zotto Products of The Bahamas, the former Gold Rock Corporation, is engaged in predatory pricing in a bid to undercut all rivals and drive them out of the concrete products market.

Del Zotto Products has vehemently denied it is engaging in such practices, or any type of anti-competitive behaviour, but Ms Fowler and others remain unconvinced by its ability to sell concrete blocks at US prices of around $2.10 - a level they cannot match if they want to remain commercially viable.

The Heroic chief last week questioned how Del Zotto Products is able to sustain such prices given that its production and input costs, such as electricity, are the same as her’s with all concrete products operators sourcing their raw materials from the same suppliers.

She and others are concerned the company may be funding and subsidising its losses from the owners’ US operations in a bid to seize market share and cripple Bahamian-owned rivals, with Del Zotto Products operating in industries supposedly 100 percent exclusively reserved for Bahamian ownership under the National Investment Policy.

“They want to have a second meeting to put together a formal letter,” Ms Fowler said of last week’s building material supplier meeting on their sustainability challenges. “Right now, we are looking at data to support the argument. This is not a socialistic conversation; it’s an economic conversation.

“We want the data to support it fully. We are going to put a letter to the Government and the GBPA on the concerns prevailing in the industry. That’s the plan. We expect to put in a letter; not this week, the following week. We gave ourselves a 14-day timeline. We plan to request a meeting and go from there.”

Ms Fowler said Heroic and other suppliers would be barely breaking even if they try to match Del Zotto Products on price. “For us to keep in business we have to sell at their price to move anything, and that’s basically the cost of production. We break even,” she explained.

However, there appear to be no existing laws or regulatory frameworks to address the concerns of Ms Fowler and her fellow Bahamian operators. There is nothing in Bahamian law at present that specifically addresses competition or antitrust concerns, including the abuse of dominant market positions and the likes of predatory pricing.

The Davis administration’s election manifesto pledged to “enact modern competition legislation that bans price-fixing and penalises abuse of market dominance”, and ministers said such a law was being worked on prior to May 2026.

The Bahamas committed to enacting competition and antitrust legislation as part of the Economic Partnership Agreement (EPA) with the European Union (EU) that was sighed more than 15 years ago under the last Ingraham administration, meaning this nation is non-compliant with one of its international obligations.

The legislation was revived briefly under the Minnis administration when it was considering possible accession to full membership in the World Trade Organisation (WTO), only for this to be dropped and competition regulation placed on the shelf again.

“We need that legislation. That’s a priority at this point as a country,” Ms Fowler told Tribune Business, noting that while consumers enjoy a government watchdog, the Consumer Protection Commission, “there is no protection for businesses. The only counter-balance is for that framework or Act to be passed”.

“There is more development and interest in this country than ever before,” she added. “To ensure we don’t go backwards we need to make sure policy works in the way it’s supposed to as a country. There has to be a catch-up with policy otherwise we will find local suppliers like myself and other industries are disenfranchised.

“That is the premise I am agitating for currently; that we have certain things for protection purposes so people work and benefit from their country. There’s a lot of grey areas that can be closed up by law and policy.”

Reaffirming that she is not opposed to competition, and only wants it to be fair and on a “level playing field”, Ms Fowler added that while “there’s a fear of blacklisting for speaking out” she will continue to call for fair and equal treatment for all Bahamians who have answered the call to invest in their country.

Ms Fowler, in a statement, said that besides fair competition regulation and the creation of “effective mechanisms to investigate potentially anti-competitive pricing practices and abuses of market dominance”, the eight suppliers also want Bahamian businesses to have “equitable access” to investment incentives and tax breaks.

They are also seeking strengthened procurement and participation opportunities for Bahamian-owned businesses, better access to capital and enhanced quality standards from “consistent testing, certification and enforcement of recognised standards across the building materials industry”.

Ms Fowler added: “The challenges facing our industry are not isolated. We have businesses operating in different areas of the market, yet experiencing many of the same difficulties. What we need now is meaningful engagement with those who have the authority and resources to help us address them.

“Too many business owners are afraid to speak out because there is a perception that their concerns fall on deaf ears. But remaining silent will not change the conditions under which we operate. We must be willing to raise these issues, and those in positions to help must be willing to listen and act.”

She added that the group’s goal is not to restrict foreign investment or dictate market prices, but to establish conditions that support sustainable competition.

“We welcome foreign investment and recognise its importance to Grand Bahama’s development. However, we must also create an environment where Bahamian businesses have a fair opportunity to participate, grow and build lasting economic value,” Ms Fowler said.

“Our request to the Grand Bahama Port Authority, relevant government ministries, financial institutions and major developers is to engage with the business community, review these recommendations and establish a clear timetable for meaningful action.

“We are not asking for protection from competition. We are asking for fair competition. Grand Bahama cannot afford to continue losing local investment, employment and entrepreneurial capacity while the same challenges remain unresolved. Speaking out must lead to engagement, and engagement must lead to action.”