Posted On: Thursday, 19 April 2012
The St. Kitts Nevis Anguilla Trading and Development Company Limited (TDC) is the parent entity of an umbrella of diversified companies. Incorporated in 1973, it acquired the trading and other assets of J.W. Thurston and Company Limited and H. F. Wildy and Company Limited.
These companies, with over One hundred and fifty (150) years experience in Trading, Development, Agriculture, and Finance provided an ideal vehicle for expansion. In 1974, in an effort to further broaden its trading base, the Company purchased the substantial trading stocks and agencies of A. M. Losada Limited, to meet the growing demands of the day.
Public Company that was formed in 1973 to take over the then, existing business of J. W. Thurston and Company Limited and H. F. Wildy and Company Limited.
In 1973, the Prospectus of the Company envisaged the Policy as: "The Policy of TDC will be to participate actively in the Development of the Economy of the State by diversification into Construction, Housing and Industrial Development, in Communication, Tourism and Agriculture."
The first Directors of the Company were: - Mr. Warren C. Tyson, Mr. Michael L. King, Mr. Jacques A. Cramer, Mrs. Mary Moore, Mr. George S. Hunkins, Dr. Arthur Lake, with Mr. Paget Berrige, as the Company's Secretary.
The Original Policy has been maintained in conjunction with the Company Objectives and Mission Statement. Following the issuance of new shares in July 1996, the Company has now issued 5,000,000 shares to 1, 398 shareholders - no individual shareholder holds more than 10% of the shares. In keeping with stated Policy, in the ensuing years, the Company has entered into several "non-traditional" ventures to diversify its trading base. The following are some highlights of developments to date:
Expanded trading base by purchasing trading interests of A. M. Losada Ltd.
A Minority interest purchased in Ocean Terrace Inn to assist with the Company's expansion plans.
Purchased additional property at Main Street, Charlestown, to accommodate expanded retail and administration facilities.
Established Dan Dan Garments Limited, Garment Manufacturers for CARICOM.
Issued Bonus Shares of "one for one" held and 100,000 new shares to the public at $6.50 each - this reflecting profitable development to date.
Purchased minority interest in Caribbean Shoe Manufacturers Limited, footwear Manufacturers for CARICOM.
Purchased small shareholding in St. Kitts Tourism Development Limited, owners of Fort Thomas Hotel.
Established wholly owned subsidiaries TDC Rentals Limited for rental of vehicles.
Television sets and TDC Corporation NV in St. Maarten, for the development of trade in that island.
Mrs. Moore resigned on returning to her native land, Trinidad and Tobago.
Mr. Charles Wilkin appointed a Non-Executive Director and Legal Counsel.
Mr. Howard N. McEachrane appointed Finance Director.
Established TDC Airline Services Limited, a wholly owned subsidiary to assume and expand the operation of the Airline Agency Department.
Purchased property at Fort and Central Streets to consolidate retail centre.
Purchased minority interest in St. Kitts Breweries Limited confirming our interest as distributors for St. Kitts Breweries in Nevis.
Rate of taxation reduced from 55% to 50%.
Established a wholly owned subsidiary, TDC Electronics Ltd., to assemble cassette tapes for CARICOM.
Purchased the Sands property, formerly on lease from J. W. Thurston & Co Ltd., to develop business in retail of construction material.
Purchased two new Olivetti computers for accounts data procession.
Increased investment in St. Kitts Masonry Products Limited to purchase new block making machinery.
Distributorship for Shell Oil Company terminated by Shell. Substantial termination settlement negotiated.
A construction department was established and operated under a new subsidiary, TDC Holdings Ltd., whose name was changed to TDC Real Estate and Construction Limited. This Company was designed to purchase and develop real estate for sale.
Set up an insurance department to represent Insurance Company of North America (INA).
Issued bonus share of one new share for every one held.
Purchased property in Sandy Point and set up retail operations to serve that area.
Discontinued operations of TDC Electronics Limited due to inability to compete with imports.
Founded TDC (US) Inc. to cut garments for completion by Dan Dan Garments Ltd., for the US Market.
Founding Chairman, Mr. Warren Tyson passed away. Subsequently, the Warren Tyson Memorial Scholarship was established to assist with High School Education for needy students who have good academic record.
Michael L. King appointed new Chairman.
Michael Morton appointed Executive Director.
Discontinued operations to TDC US Inc. and reduced operations of Dan Dan Garments due to losses and unlikely recovery.
Obtained agency for Travelers Life Insurance Company.
Issued a further bonus share of "one for one" held and 100,000 new share at $6.00 each. This included a premium of $1.00
Purchased land at Pinneys, Nevis, to develop retailing of building materials.
Purchased land at Frigate Bay Road, to relocate Auto Division from Fort Street.
Commenced work on redevelopment of Fort Street for Shopping Mall, Administration and Accounts.
Ceased operations of Dan Dan Garments Limited due to continuing unabated losses and leased building to other garment manufacturers.
Introduced Hire Purchase business operated through TDC Rentals Ltd.
Discontinued operations of TDC Real Estate and Construction Ltd., due to high exposure and less than satisfactory results.
Relocated Auto Division to Frigate Bay Road.
Purchased land at corner of Bank and Fort Streets for additional mall space.
Constructed new facilities at Pinney's Building Materials Department and relocated Drinks Depot from Main Street to Price William Street.
Computer equipment and system further upgraded.
Operation of Caribbean Shoe Manufacturers closed due to continuing unabated losses.
Purchased additional property adjoining the Sands for cement storage.
Dr. Arthur Lake retired and Dr. Clive Ottley appointed in his place as Non- Executive Director.
Mr. Kenneth Kelly appointed additional Non-Executive Director to increase number of Non-Executive Directors to maintain balance and Vision of the Board.
Constructed new Building Materials show room and retail center at Newtown Bay Road·
Dan Dan building used for warehousing.
Opened TDC Mall on Fort Street and relocated Administration and Accounting there.
Established a new Subsidiary, St. Kitts Nevis Insurance Company Ltd., following decision of INA and Travelers to discontinue business in St Kitts Nevis and other Caribbean Territories.
The rate of Corporation Tax was reduced from 50% to 45%.
Mr. Paget Berridge retired as Company Secretary and was replaced by Mr. Hanzel Manners, F.C.C.A, Chief Accountant.
Increased minimum number of Directors from 4 to 6 and Maximum from 7 to 10.
Increased Authorised Capital from $5,000,000 to $25,000,000.
Issued further bonus shares of one new share for every one held.
Issued 300,000 new shares at $6.00 each including a premium of $1.00.
Land on the main road, Sandy Point purchased for relocation and expansion of Sandy Point Branch. Existing property sold to assist with funding.
Islands hit by Hurricane Hugo, substantial claims covered by SNIC's reserves and reinsurance program.
Building Materials sales uplifted with damage repairs.
Corporation Tax reduced from 45% to 40%.
Exchanged cement warehouse property at Newtown Bay Road for Barker & Kelly property at corner Central and West Independence Square Streets.
Mr. Marcus Hodge appointed additional Executive Director.
Purchased land at Bank Street adjoining already owned properties to complete consolidation of downtown commercial base.
Fort and Central Street retail developed, redecorated and renamed TDC Home Center.
Expanded upper floor facilities of Business Equipment Department.
Emphasis on personal training stepped up with University scholarships.
Human Resources Department established with objective of designing and implementing extensive Quality Control Programs.
South East Peninsular opened with prospects for new development there.
New Central Processor, IBM AS400 installed connecting accounting with on-line point-of-sale data processing, purchasing and inventory control.
Construction of Four Seasons Hotel commenced with resulting increase in business in Nevis.
Additional Land purchased at Pinney's. Building Materials and Drinks Depot relocated there.
Increase containerized inter island cargo and purchased specialized "fifth wheel" vehicles.
Purchased all of the shares of Evelyn's Travel Limited in Nevis to combine with Airline Service in St. Kitts and expand market share.
Mr. Cecil A Jacobs, MBE, recently retired Governor of the Eastern Caribbean Central Bank, appointed a Non-Executive Director of SNIC.
St. Kitts Masonry Products ventures into pre-mix concrete, acquiring specialized mobile equipment.
St. Kitts Bottling Company expanded warehouse capacity and production area with new bottle washer.
Sharp decline in results due to reduced turnover and gross profits while expenses increased.
Remedial measures taken to cut personnel and other costs, reorganize borrowings and recover lost ground.
Customs and Shipping Departments separated to heighten focus on rapid import processing through Customs, Income generating Shipping Agencies, and close monitoring of Port and related costs.
Wine and Spirits Department opened.
TDC Rentals Limited highly rated by Fielding's Caribbean.
Firm action taken to reduce costs returned the Group to acceptable level of profitability.
Purchasing and Customs Departments amalgamated to expedite buying, clearing and delivery of imported goods.
TDC Nevis Limited incorporated to take over and develop the operations of the Nevis Branch of the Parent Company.
TDC Rentals (Nevis) Limited and SNIC (Nevis) Limited incorporated to take over and develop the operations in Nevis of TDC Rentals Limited and SNIC respectively.
TDC Airline Services Limited appointed agents for United Parcel Service (UPS).
St. Kitts Bottling Company Limited completed installation of new bottle washer, replaced the asbestos roof with new insulated white aluzinc roofing.
Renovated old B. & K. Building Central Street and Independence Square Street.
Tours Department, trade name "Flamboyant Tours" initiated.
BWIA discontinued direct flights to St Kitts.
Mr. Earle Kelly, B A, appointed Company Secretary to replace Mr. Hanzel Manners who had resigned
Incorporated St. Kitts Nevis Finance Company Limited, FINCO to compete for deposit collection for market share in the areas of: lending for vehicles, land, buildings and commercial loans. Mr. Cecil Jacobs appointed Non-Executive Director.
Mr. Hunkins retired from the Board of Directors having served from inception.
SNIC introduced its Life Insurance Department.
St Kitts Bottling Company introduced half litre bottled drinks, known as the "Big Shot."
Renovations to "B & K" building disrupted by major arson damage while being completed to accommodate SNIC.
Purchased and renovated the Wellington building at Ponds Industrial Estate to accommodate the Auto Division from Frigate Bay Road.
The premises at Frigate Bay Road formerly occupied by the Auto Division refurbished and expanded to accommodate the relocation of the Building Materials Department from Newtown Bay Road.
Construction of the new building on Central Street joining "B & K" building to Home Centre.
Tours Department results not satisfactory and its operations were taken over by the Shipping Department.
Introduced Grand Rental Station to offer a variety of equipment on rental.
Resumed operation to TDC Real Estate & Construction Limited with the purchase of the unfinished Leeward Cove Condominium Project at Frigate Bay.
In Nevis, the Auto Division's garage was relocated from Prince William Street to Pinneys. This was the first part of a major reorganization program for TDC Nevis Limited.
Work started on construction of 25 acre cruise port at Basseterre suggesting more business for TDC Tours.
Extensive additional warehousing built at Building Materials Department.
Investment in O.T.I. Group increased from 6% to 68% following purchase of shares from the Pereira family.
Additional area of 2.67 acres of land purchased at Pinneys, Nevis to accommodate expansion of trading facilities.
TDC Real Estate and Construction Limited commenced construction of 34 new condominium units at Leeward Cove.
Purchased 8.77 acres of land at Frigate Bay, St Kitts and 3.5 acres of land known as Colquhoun Estate on Pinney's Beach, Nevis, for future development.
St Kitts Nevis hit by Hurricanes Luis and Marilyn resulting in major damage to roads, & SSMC railway, agriculture. SNIC claims well managed with satisfactory reinsurance coverage and strong internal reserves.
A Bonus issue of "one for one," the fourth time since the Company's inception in 1973, was approved by shareholders. This brought issued capital to 4,600,000 shares and a further 400,000 shares were issued for cash at a price of $6.50 each, including a premium of $1.50. The authorized and issued capital is now $5,000,000 shares at a nominal value of $5 each.
All of the shares of Conaree Estates Limited were purchased. This new wholly owned subsidiary owns lands at Conaree which will be developed for sale.
Purchased additional lands next to Pinney's Complex to secure long term space for continuing business development there.
The rate of Corporation Tax was reduced from 40% to 38%.
Initiated plans to further refurbish and expand Ocean Terrace Inn.
Entered into agreement to purchase approximately 25 acres of land at Pinney's Beach, subject to specific conditions, for Tourism related development.
Completed new lumber storage sheds at Building Materials Department.
Purchased commercial Lot at Ponds Industrial Estate on which warehouse, formerly Dan Dan Garments factory situated.
Commenced redevelopment of Sands property at the Bay Road, Newtown, and Basseterre as an up market commercial and residential condominium complex. Location improved with completion of new cruise port having its main exit immediately opposite.
Completed construction of up market residential complex, Leeward Cove at Frigate Bay, a tax free venture
Additional investment in Ocean Terrace Inn and commenced construction of 21 new rooms and landscaping.
Established new Company in the BVI, named Sakara Shipping Inc, to purchase the M V Bo, a cargo carrier to operate mainly between St Kitts and Nevis.
Invested in Malliouhana Anico Insurance Co Ltd., to enter into insurance business in Anguilla.
Reactivated the business of TDC Tours Ltd.
Established East Caribbean Reinsurance Co Ltd., in Anguilla to handle reinsurance coverage for St Kitts, Nevis and Anguilla initially. 20% held by Malliouhana Anico Insurance Co Ltd., (Maico).
Increased investment to 25% share of MAICO.
Further investment in OTI toward completion of current phase of expansion and upgrade
Purchased three acres of land at Long Point, Nevis, near to new Deep Water Port.
Newcastle Airport runway and ramp upgrade and expansion completed
Identified program to ensure Year 2000 compliance for all date sensitive computer compliance.
Severe damage inflicted by Hurricane Georges in September 1998, followed by heavy flooding of Basseterre in November 1998. Claims well managed by SNIC's resources.
Pre-mix operations of St Kitts Masonry Products upgraded with new batching plant and transit mixers.
Joint venture Company Cable Bay Hotel Development Co Ltd., to own a five star hotel complex at Frigate Bay to be operated by SuperClubs of Jamaica who are also investors in the project.
The first phase of OTI's expansion and upgrade was completed and the next phase began with an estimated cost of $2 million.
Long Point Deep Water Port Nevis completed.
Work commenced on Charlestown Bay Front reclamation and expansion.
Work commenced on two large Hotels at Frigate Bay possibly leading to increased business for TDC Tours.
Mr. Michael Morton appointed 3rd Chairman of the TDC Group of Companies.
To further enhance employee training to improve service levels, the Client Relations department was created.
Mrs. Charlene Stapleton appointed to the Directorship Management Team for TDC Nevis Ltd.
Company celebrates its 30th Anniversary.
Company listed on the Eastern Caribbean Securities Exchange (ECSE) in June.
Client Relations and Marketing Departments merged.
TDC acquires City Drug Store
Real Estate and Development department created.
Mr. Ernie France appointed Managing Director of TDC Nevis Ltd.
UPP protest Budget While the Speaker of the Antigua & Barbuda House of Representatives and the prime minister chided the opposition United Progressive Party (UPP) within the walls of the Parliament, the party and its supporters...