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Bermuda First Investment Company Limited continues its aggressive purchase of BSX-listed companies.

BFIC increased its shareholding in KeyTech to 29.9 per cent. On September 16, BFIC purchased 935,000 KeyTech common shares.

On June 3 of this year, BFIC had a 23 per cent of KeyTech. It was already the largest shareholder of the company, which also owns BTC, Logic Communications and large shareholding stakes in both CellOne and Bermuda CableVision.

In its shareholder letter on June, Bermuda First said KeyTech was an attractive investment thanks to the amalgamation of Logic with North Rock Communications. It said: “We believe that the proposed amalgamation would add significant value to KeyTech moving forward.”

Bermuda First also owns 10 per cent of Ascendant, the parent company of BELCO and Bermuda Gas.

BFIC also holds a 2.3 per cent interest in Argus (as of June 3) and smaller stakes in The Bank of Butterfield, Bermuda Press Holdings Limited, Bermuda Aviation Services, Watlington Waterworks and West Hamilton Holdings.

Michael Collier is one of the three directors for Bermuda First — along with Gavin Arton and Alasadair Younie. Mr Collier is chairman of West Hamilton Holdings and Bermuda commercial Bank Limited and the deputy chairman of the Bermuda National Limited, which is the parent company of Bermuda Commercial Bank.

Bermuda National Limited also announced on Monday that it had increased its stake in West Hamilton Holdings to 15.1 per cent when it purchased 406,500 shares.  

As of September 30, 2012 wholly owned BNL subsidiary, Bermuda Commercial Bank owned 41.7 per cent of West Hamilton, giving BNL beneficial ownership of 56.8 per cent of West Hamilton.

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