AGREEMENTS FINALLY ACHIEVED AFTER 18 MONTHS OF NEGOTIATIONS WITH CHINESE FINANCER
Beijing -- An Agreement is being finalized between Touchstone Capital Partners and Bacolet Development Finance Limited to fund within 30 days the first phase of the Bacolet Bay Resort & Spa project located in St. David's, Grenada. A further agreement will be signed between China Machinery Engineering Corporation and Bacolet Development Finance Limited for the completion of the construction works.
After the past 18 months of re-engineering, designing and fund structuring, all elements to proceed are now in place to begin preliminary site works on the project in January, 2013.
Touchstone Capital Partners have completed their compliance with the Chinese regulators through the issuance of a QDII (Qualified Domestic International Investment) license in order to legally facilitate private Chinese investments to the international market.
"After many levels of negotiations we are finally at the point where we are ready to proceed with the funding for Bacolet Bay. Along with the principals of Bacolet Bay, we are very grateful for the hard work done by the Grenada Development Bank and the strong support and guidance from the Embassy of Grenada in Beijing, without whose constant guidance and deep knowledge of how to keep Chinese enterprises engaged, would not have made this project a success," said Chairman Song of Touchstone.
According to Michael Gunn, a principal from Bacolet Bay, "After many visits, conversations and tough negotiations between all parties, we have finally reached very good arrangements for delivery of the project. The professionalism of the Touchstone and CMEC staff has been exceptional and our thanks to the Embassy of Grenada in Beijing who made the initial introductions and have been instrumental in keeping things on track."
Counselor Richard Nixon from the Embassy of Grenada in Beijing expressed his satisfaction at seeing that all of the hard work from all sides over the past 18 months is finally bearing fruit and looks forward to the expansion of the project into its various phases and the continued involvement of Touchstone in Grenada's economic development in the near future.
During construction, it is anticipated that over 50 jobs will be provided to Grenadians and upon completion, the facility would have a direct staff around 100 Grenadians. This of course, will sustain many support services and local business as well.
Touchstone Capital Group Holdings Limited is a management holdings company which uses its global joint venture partners and associates to provide one stop financial solutions such as fund raising, fund management, financial advisory services, capital and asset management, strategic mergers & acquisitions and other related financial services.
Bacolet Development Finance Limited is a special purpose vehicle for the Bacolet Bay Resort & Spa Project. See site plan here.