SunResorts Ltd Puts Mullet Bay property SXM Sint Maarten, Major Ennia Asset Up For Sale
https://sxmnews.ai/update-second-shooting-dutch-quarter/
The Antilliaans Dagblad reported on Monday that SunResorts Ltd. has put its Mullet Bay property on Sint Maarten, a major asset of the troubled insurer Ennia, up for sale. During a recent shareholders meeting at the Central Bank of Curaçao and Sint Maarten (CBCS), shareholders granted permission to proceed with the land sale.
Although Parman International once valued the property at 770 million guilders, the CBCS now values it at 90 million. This valuation difference impacts Ennia’s balance sheet and solvency, significantly affecting approximately 30,000 policyholders.
The CBCS has managed SunResorts Ltd. since 2022, when it enacted an emergency regulation to stabilize Ennia, the parent company of SunResorts, amid financial turmoil. The CBCS had previously relieved former owner and director Hushang Ansary of his duties due to his resistance to providing financial support to Ennia.
Large-scale withdrawals created severe solvency and liquidity issues for Ennia, particularly at its subsidiary ECL, which led to Ennia’s current challenges. The Mullet Bay property, partially along the beach and the sea, spans about 67.7 hectares, with 40 hectares dedicated to a golf course. Since Hurricane Luis heavily damaged the site in 1995, development has been minimal.
In addition, the government of Sint Maarten has negotiated a ‘matching right,’ allowing the island to purchase the land at the highest bid price plus five percent, should the country show interest. Meanwhile, SunResorts executives are preparing for a public sale, and several interested parties have already expressed interest.
The AD notes that those involved directly in the sale are refraining from public comments, describing the matter as “very sensitive.”