SIDF sells shares to Swiss investor

BASSETERRE, St. Kitts, CMC – The state-owned Sugar Industry Diversification Foundation (SIDF) has sold its shares in a company involved in a resort project here for more than EC$50 million (One EC dollar =US$0.37 cents) to a Swiss investor, Information Minister Nigel Carty has announced. “The SIDF has indicated that it does not wish to be involved long-term in the resort project, and having now seen the implementation of the construction phase of the project, has recently agreed to sell its share in the project to a Swiss investor in excess of EC$50 million,” Carty said. The un-named Swiss investor has acquired the shares in Belmont Resorts Limited, the developer of Kittitian Hill here. The company has recently purchased the 84-room Golden Lemon Hotel here that will be redeveloped into an upscale beachfront property to complement its 5-Star resort project at Kittitian Hill. The first phase of Kittitian Hill is expected to be open for business in early 2014 and will feature another hotel and villas.