PRESS RELEASE DECISION ON THE INVESTIGATION INTO THE PRICE OF SAND

On October 7, 2014, having reviewed all of the evidence available to it on the matter, including the written responses and oral presentation of Island Developments Limited (IDL), the Fair Trading Commission (the Commission) issued its Final Findings in its investigation of IDL.

The Commission found that, pursuant to Section 16 (3) (d) of the Fair Competition Act CAP 326C (Act), IDL, as the dominant supplier of wholesale sand in Barbados, in increasing its price from $22.70 to $42.01 on March 10, 2014, imposed an unfair selling price on wholesale sand that was excessive and unreasonable.

Pursuant to Section 17 of the Act, the Commission directed that IDL cease this practice by reducing the per ton price of sand to a level that bears a more reasonable relationship to its underlying cost.

Island Developments Ltd. has complied with the Commission’s directive and reduced the price of sand to $37 per ton.

The Commission is satisfied that this price is reasonable.

Dated this 10th day of November, 2014

Neville V. Nicholls

Chairman