Dolphin Cove Raises $240 Million

Dolphin Cove, the premier marine park in Jamaica, is going public to raise $240 million to pay down the expensive debt and further upgrade its facilities. The company will be listed in the junior market of the Jamaica Stock Exchange.

The IPO or the Initial Public Offering, which is for 80 million at $3 apiece, will open on December 8 and close on December 22, 2010.

Stafford Burrowes, who presently owns 88 per cent of the company, says that the company will offer a relatively robust dividend policy. In his words, the company anticipates dividend equivalent to not less than 25 percent of net profits available for distribution, subject to the nees for reinvesting in the group from time to time.

The marine park which was launched a decade ago with operations in Ocho Rios, has expanded operations in Lucea, Hanover and Half Moon in St James. It also offers plantation tours at Prospect in the parish of St Ann.

Dolphin Cove is extremely and promises a fun-filled day for the entire family. Visitors to Dolphin Cove, Ocho Rios, can swim with the dolphins, explore jungle trails in the rainforest, come face-to-face with some of the island’s rare species of birds and animals, picnic on Treasure Reef, and enjoy a hilarious shark show. The adventurous can even feed, pet and swim with trained nurse sharks accompanied by trained instructors. The other parks too provide similar offerings.

The park has broken new ground in the tourism sector and continues to grow from strength to strength. Jamaica continues to invest in its tourism infrastructure, the latest being the development of the new pier in Falmouth which will become functional from January. According to Burrowes, the planned expansion in Jamaica's tourism infrastructure has placed Dolphin Cove in a position to grow on its success story. It will also stand to benefit from the increased number of visitors who come in the cruise ships as also from the visitors who set base in the Jamaican accommodation options that operate within the immediate vicinity.