Today, AML Foods Ltd announced the signing of a letter of intent with developers, Luxury Homes (Bahamas) Ltd, a subsidiary of Sunshine Holdings Ltd., to build a shopping center in Eastern New Providence. The company anticipates a completion date on the project for the final quarter of 2017. Under the terms of the planned deal, AML will have a 45% ownership in the development proposed for the main Yamacraw Hill Road, and Solomon’s Food Store, an AML Foods Ltd. brand, will serve as the anchor tenant.
Gavin Watchorn, President & CEO of AML Foods Ltd said the joint venture with the developer, allows the company to continue its strategy of opening neighborhood stores to complement its existing destination stores.
“This first step between AML and Luxury Homes allows us to enter the Eastern New Providence market, an area that we currently have no presence in, where we can provide the same quality products and service standards available to customers in our existing outlets,” Mr. Watchorn explained. “The proposed development will not only expand our presence in the market, it will also provide long-term returns to our shareholders, through the ownership of our location and revenue streams from the overall development. With the signing of this LOI, we look forward to working with Luxury Homes through the successful completion of this project.”
Final documents are expected to be completed within the next 90 days and ground breaking in Q1 2016. The company anticipates that the new Solomon’s Store will create an additional 65-75 jobs and approximately 20 indirect jobs for Bahamians.
Franon Wilson, a Director of Luxury Homes, says the development will increase the commercial options available to consumers in this part of the island. “Luxury Homes is pleased to partner with AML on this venture, which is likely to have a significant impact for residents living in Eastern New Providence.”
The project is a joint venture between AML Foods Ltd and developer Luxury Homes Ltd.
About AML Foods Limited: AML Foods Limited was incorporated in 1989 in The Bahamas and is listed on the Bahamas International Securities Exchange. The Company and its subsidiaries are primarily engaged in the operations of retail and club stores offering dry and perishable food items and other consumer products, and the operation of a food franchise business. AML Foods Limited Food Distribution includes its retail division - Solomon’s Super Center Nassau, Solomon’s Fresh Market, Solomon’s Freeport and Solomon’s Lucaya – and its club division - Cost Right Nassau and Cost Right Freeport; the Company’s Franchise Division consists of eleven Domino’s Pizza locations in Nassau and Freeport and one Carl’s Jr. Restaurant in Nassau . The registered office of the Company is at One Millars Court, off Shirley Street, Nassau, New Providence, Bahamas and the corporate office is at Town Centre Mall, Upper Level, Blue Hill Road, Nassau, New Providence, Bahamas, Tel: 242.677.7200.
About this report: This report may include “forward-looking statements.” While AML Foods Limited believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from AML Foods’ expectations include external economic conditions, changes in the marketplace, changes in interest rates and operating costs and other unforeseen events or conditions that affect the Group’s performance.
