Statement by NICIL on the resubmission of bids for the purchase of NICIL ’s shares in Atlantic Hotel Inc.

The Government of Guyana publicly stated that it is of the view that all six bids that were submitted for NICIL’s shares in Atlantic Hotel Inc. (AHI) for the acquisition of the Guyana Marriott Hotel came in at a figure that was not acceptable.

On 2nd May 2023, all six Bidders were contacted and advised by NICIL that their submitted bids had been rejected. All six bidders were then invited to resubmit a new bid with a minimum bid price of no less than USD85 Million. The deadline for submission was on 16th May 2023.

The Bidders were advised that their bid must be submitted in a sealed envelope and deposited in the tender box located at NICIL’s Office.

All bidders were also invited to attend the bid opening at 14:00hrs on 16th May 2023, in NICIL’s boardroom.

On 16th May 2023, at the Bid Opening, Representatives of one Bidder were physically present, while a representative of one (1) attended virtually via Zoom Video Conference. Mr. R.K. Sharma, Ms. Arianne McLean, and Mr. Naresh Balkaran, the Manager of Internal Audit and Risk Management of NICIL were present at the Bid Opening Meeting.

The tender box was opened in the presence of all present and there were two (2) bids contained therein, which were opened and read aloud in the presence of all present. The Bidders and their respective Bids were recorded, signed, and acknowledged by the Bidders who were present, as well as the Representatives of NICIL.

The following companies submitted bids, which were opened at the Bid Opening Meeting:

1.   X, LLC – USD90 Million.

2.   Integrated Group Guyana Inc. – USD86.1 Million.

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