Banks DIH Chairman Urges Review of Capital Market Regulations, Addresses Beverage Shortage Concerns
Clifford Reis, Chairman of Banks DIH Holdings, has called for a comprehensive review of Guyana’s capital market laws and regulations to foster greater efficiency and support business growth.
Speaking at the company’s Annual General Meeting (AGM) held at Thirst Park, Reis stressed the need for clarity in regulatory processes.
“A regulatory playbook is essential to avoid court interventions,” Reis stated. “Mechanisms like annual fees for secondary market companies, price stabilisation measures, and outlet programs should be considered. As shareholders, we cannot remain silent—these reforms are critical for businesses to thrive.”
His remarks come after the company’s lengthy 18-month restructuring into Banks DIH Holdings Inc., which was hindered by regulatory delays. Shareholders had approved the move in July 2023 to modernise the business and capitalise on Guyana’s economic opportunities.
However, final approval to trade shares only came on January 3, 2025.Reis revealed that while the court approved the restructuring in September 2023, the Guyana Securities Council lacked a functioning board for nearly two years, further complicating the process.
A new board, appointed in September 2024, eventually approved the registration after months of additional demands for documentation. Despite fulfilling legal requirements, the company’s Certificate of Registration was delayed until January 2025.
Reis emphasised the need for a streamlined and transparent regulatory framework, noting, “Such inefficiencies create unnecessary challenges for businesses and must be addressed if Guyana’s economy is to remain competitive.”
At the AGM, shareholders also raised concerns about the company’s environmental impact and future leadership. One shareholder questioned the shift to single-use plastic bottles and the pollution they cause in the Demerara River.
Reis acknowledged the environmental concerns but highlighted Banks DIH’s existing recycling initiatives, including repurposing broken glass and plastics.He called for greater public education on waste management and better recycling infrastructure, comparing Guyana’s shortcomings to countries like the United States.
“The issue requires collaborative action, including the introduction of recycling bins and targeted education campaigns, especially in schools,” he said.When asked about his potential retirement, Reis jokingly assured shareholders, “When I’m ready, I’ll call you—you’ll be the first to know.”
Meanwhile, Reis also addressed rumours alleging favouritism in the distribution of Banks Beer to Chinese-owned supermarkets. He dismissed these claims, explaining that Chinese outlets account for only 3% of the company’s monthly beer sales—approximately 6,000 to 8,000 cases out of a total monthly production of over 250,000 cases.
“We do not favour any outlet,” Reis asserted. “All our customers are equally valued. It’s important that we focus on constructive conversations rather than misinformation.”
He admitted that occasional product shortages have occurred but attributed them to increasing demand as Guyana’s economy continues to grow. To address this, the company has embarked on a three-phase brewery expansion plan aimed at boosting production capacity from 450,000 to 800,000 cases per month.
Phase one includes cellar upgrades to store larger volumes of beer for longer periods. Phase two, recently completed, involved constructing a new brew house with double the capacity of the previous one.
The final phase will see the installation of a modern bottling plant with a canning line for products like Banks Beer and Guinness.
The US$28 million facility is expected to arrive by August and should be operational by late 2025, just in time for the holiday season.
Reis praised the government’s support of the expansion efforts, emphasising that the project aligns with national priorities for local content and economic development.
“The brewing and bottling of beer will remain in Guyanese hands,” Reis said, underscoring the importance of local ownership in ensuring the country’s economic independence.
