The Point Lisas Development Corporation (PLIPDECO) is gearing up to manage the new US $60 million service port at Pt Galeota. The corporation was mandated by Government to take charge of this project last year. It will hold a minimum of 51 percent shareholding in the undertaking and is already looking over a list of “highly reputable” international and domestic companies which have displayed interest in the project. To push the Galeota port, PLIPDECO has approved a one for two rights issue. In a letter to shareholders dated June 2, 2003, PLIPDECO chairman, Cdr Kayam Mohammed said the new issue of shares will enable the organisation to raise the necessary capital to facilitate the growth and development of its cargo handling facilities. The company will issue and offer for subscription by shareholders 13,208,561 new ordinary shares of no par value by way of rights to holders of the ordinary shares of PLIPDECO on the register of members on the close of business on the record date on the basis of one new share for every two ordinary shares then held at an issue price of $7.70 per ordinary share. The share price of PLIPDECO immediately prior to the announcement of the rights issue on April 23, 2003 was $11.15. The company proposes to raise $100 million, net of expenses from this issue. The funds from the rights issue, he said, will be used to equip these facilities as the company moves towards its overall mission of becoming the trans-shipment hub of the Caribbean and the Gateway to the Americas. Peter Clarke, managing director, West Indies Stock Brokers Limited (WISE) said even though the rights issue only opened on Monday, a few people have already taken up their rights. He said this  is a very unusual, since activity with regards to issues are normally seen about a week or ten days before the issue closes. Additionally, he said people have only just started receiving their documents.

However, Clarke said he expects the issue to perform well and might even be oversubscribed. Last year, Energy Minister Eric Williams announced that government was undertaking the Galeota port project which was supposed to start in March this year and be completed by October 2004. He said the Galeota Point Port Facility is to be a separate entity from the berthing facility which already exists in that area. That facility, owned by oil giant bpTT since the late 60s, has been used to service the oil companies offshore the East Coast Marine Area (ECMA). The Port of Houston Authority will provide technical assistance to the project, Williams said. However, sources said bpTT was not too pleased with Government’s intention to construct a port in that area. bpTT, sources said, wanted to expand the existing facility. But Williams said while bpTT has a berthing facility in the area, the Government has nonetheless invited all energy companies to take an interest in or use the port, when it is completed. PLIPDECO’s 2002 annual report said it is ready to move swiftly ahead with its future vision for Berths six through 11 with the participation of strong and progressive joint venture partners. In light of this, positive interest has already been expressed by several major players in the industry.

According to Capt Baddaloo, the project is on an “extreme fast track” approach and an Environment Impact Assessment (EIA) is now in progress. Its scope includes reviewing alternative designs and their respective impacts. This will be studied in the technical feasibility oversight of the project which is being conducted by Lee Young and Partners. The study was expected to be concluded by the third week of April, but Capt Baddaloo said it is now nearing completion and is on the right track. He could not provide any more details. The findings of the study will confirm what the final project will look like — its scope, orientation and all the physical works that will have to be done. The final concept and objectives, Capt Baddaloo said, will then be mapped out with inputs from Ernst and Young Consultants, who have been retained to help with the economic feasibility and the collection and dissemination of information. Williams said the site for the project is a small bay on the western sheltered side of the Galeota peninsula on the southeastern tip of Trinidad on the Guayaguayare bay. Capt Baddaloo said the tender documents for the dock section of the project was supposed to be ready for circulation by the end of April and that construction should begin in another four to five months, or by October 2003. “So the dock should be ready in good time for the projected deadline of October 2004,” he said. At present vessels servicing the oil rigs off the eastern and northern coasts of Trinidad, use alternative sites in Trinidad as a base for fueling, repairs, collecting materials and similar activities.

This necessitates a considerable amount of travel for vessels working in the eastern zone, somewhere in the vicinity of 14 hours. Port Pt Lisas won the coveted Port of The Year Award for 2001, the second year running against stiff competition from seven other Caribbean ports.  The award is offered every year by the Caribbean Shipping Association (CSA). As the owner and the landlord of the Pt Lisas Industrial Estate, PLIPDECO leases land to tenants and is responsible for the development and maintenance of infrastructure and landscaping. Most of the estate, which offers unparalleled facilities for industrial clients, has been successfully leased. PLIPDECO is now seeking to establish greater strategic alliances with other organisations and landowners in the greater Couva area, with respect to making additional industrial sites available. The company has taken a concrete step in this direction by signing a Memorandum of Understanding with the new Estate Management and Business Development company (EMBD), that has been charged with the responsibility of developing Caroni lands. According to PLIPDECO’s president, Neil Rolingson, the Corporation experienced a six percent increase in turnover from its operating units, a decline in profits before tax of 15.6 percent, and a corresponding 14 percent increase in profits after tax over the previous year.

In March 2002 Wood House Trinidad Ltd had no electricity, no offices, no plumbing and no machinery. One year later,  the comany was presented with the prestigious Rookie of the Year award by  TIDCO in the Prime Minister’s Exporter of the Year Awards. Wood House, operating out of the Budget Foods Complex in Arima, carries on a thriving trade in the manufacture and export of furniture. Spearheaded by Director, Richard Gillmore, it has managed to capture business all over the Caribbean. “We started fitting the factory and installing machines in March. Then in July we started producing and hiring. By August we were exporting to Jamaica, Barbados, Dominica and St. Vincent.” Gillmore is a large man with a commanding presence and an amiable nature. He is a Director who is as at ease on the factory floor as he is orchestrating deals behind a desk. As he joked good naturedly with factory workers who seemed to genuinely know and like him, he demonstrated how the stuffing is put into a cushion and explained how a couch should be tacked. Wood House Trinidad Ltd is a sister company to AC Wood House Inc of Barbados which has been in business for the last 11 years.  However, according to Gillmore, there are difficulties with manufacturing and exporting in Barbados because of high costs, of for example, freight, labour and overheads. “We took our experienced staff and trained them to make international quality furniture,” says Gillmore. “We don’t use any second quality wood. We use an American hardwood in the frames.” The company’s market is middle and upper income.

Gillmore, a 33-year-old from Wales, explains that unlike much American furniture which is made with plywood,  Wood House  is built to mimic the structure and fashion of British suites. The quality and longevity of the hardwood also surpasses the pine used by most Wood House competitors, he says. Fabric is sourced from all around the world — Belgium, Scotland, China and the USA to name a few. At present, Wood House is also introducing 100 percent stain proof material which is a little more expensive than the fabric previously used. Foam, however, is bought locally at Advanced Foam. Wood House shuns chip foam. Instead, Gillmore uses polyester fibre, a material often used in pillows, as it is more comfortable, more durable and, of course, more expensive. Gillmore’s goal is to meet the European standard but beat its prices. The would enable  Wood House to sell the equivalent of a European suite costing $12,000 to $16,000 at half that figure. “Most of the top-end market has always been imported and we’ve changed that a little,” he says. Helping Gillmore to attain this goal are Adrian Heyhirst, upholstery manager in charge of quality control, and Stuart Prause, head of the wood department. Indeed, Gillmore praises the creativity of his entire team: they are skilled in copying foreign styles and Heyhirst has trained the staff in product development. “It’s important to have people like that or else quality suffers,” he notes.

Right now there is a staff of  70 on the massive compound of 70,000 square feet. This number should jump to 120 over the next couple of months. “We are currently looking for sewing-machinists” says Gillmore, who is also installing a cutting board 100 feet long. Currently its customers include Courts, American Stores, CTC Comfort Zone, Fens, G&L Trading and Unique Furniture and Appliance Stores Ltd. “We were very cautious in the first year with regard to meeting demands. The seasonal demands at Christmas are amazing,” he said, noting that very few manufacturers can keep up. Their  customer base is expanding and the company is taking orders from Guyana, Grenada, St. Kitts-Nevis, Belize and St Lucia. Some of them have ordered full container loads. Wood House is also increasing its presence in St Vincent. Additionally, Martinique, Suriname and the Dominican Republic.. Wood House, Gillmore says, keeps the edge over its competitors through a very specific marketing strategy. “We’ve brought the price points down to an affordable level and created a new market in top quality medium priced products. We’ve made our own niche. I also don’t think we’ve had a negative effect on our competition.”

Gillmore also emphasises the stylish designs of the furniture saying “This is definitely a fashion business.” “After any sort of achievement we get a few cases of beer and get everyone together to say thank you very much. Staff  must feel as though they have contributed. It’s a team effort — everyone pulls their own weight.” “Last year we had nothing. No staff, no machinery, no showroom. One year later this is quite a tremendous achievement,” Gillmore, an avid car racing enthusiast, said. There is no such thing as an average day, he says, noting that  purchasing, product management, and the general running of the factory is left to him. “Because we’re export oriented our Christmas season starts in August.”  A significant part of managing information is handled by very elaborate manufacturing computer software :  MAS 90,  that  deals with sales order processing, purchase order processing, and inventory. Gillmore, trained as at management accountant at the University of South Hampton, has had his difficulties in transacting business in Trinidad and Tobago. “There is so much red tape in Customs” he says, “probably because people abused the system before. I am talking about the amount of documentation and red tape to have duty free concession. In Barbados we just have a letter from the Minister and everything’s okay. Here you have to pre-determine how much business you’re going to do. It’s draconian.”

Gillmore also has problems with the VAT Administration Centre. He says that because of the nature of the export business they pay VAT on all materials but always expect a large refund for every period. They have, however, only received one payment so far and some of their refunds are over six months overdue. By contrast, Gilmore, who spent ten years of his childhood growing up in TT, has only praise for the local workforce, saying that it is “ a tremendous tribute to Trinidad and Tobago both in the standard and level of work.” Son of local renowned racer, Simon Gillmore, Gillmore refuses to be modest about his team’s achievements. Regarding the Rookie of the Year Award: “It is the first of many,” predicts Gillmore, “We’re no longer rookie — we’re playing with the big boys.”