World of Dolphins Inc, an indirect subsidiary of Leisure Investments Holdings LLC and majority shareholder in Dolphin Cove Limited, is exploring a sale of its controlling stake in the Jamaican company.

World of Dolphins Inc owns 79.99 per cent of shares in Dolphin Cove Limited, a marine attractions company operating four locations on the island’s north coast: Ocho Rios, Moon Palace, Jamaica Grande, and Lucea. Dolphin Cove founder Stafford Burrowes retains a minority stake of approximately 9.8 per cent and serves as the Jamaican attraction.

In February, Dolphin Cove revealed that Mexican company Dolphin Discovery, a parent of World of Dolphins, had begun insolvency and restructuring proceedings in Mexico’s courts. In March, Leisure Investments Holdings LLC began bankruptcy court proceedings in Delaware, USA.

World of Dolphins, at the time, pledged its 79.99 per cent stake in Dolphin Cove as collateral for a note purchase agreement on behalf of Dolphin Discovery.

However, Dolphin Cove pointed out then that it hadn’t offered any “guarantees or undertakings or pledged or encumbered any assets in relation to the obligations of any group enterprise or other party whatsoever”.

“Dolphin Cove Limited’s operations continue unaffected, and the Company will maintain its independent operational status. The board will continue to monitor the situation and make further disclosures as required,” the disclosure on the Jamaica Stock Exchange website outlined.

Dolphins Cove provides immersive dolphin and marine wildlife experiences while its subsidiary, Yaaman Adventure Park in St Mary, is an adventure park offering four-wheel drive experiences, ziplines, waterfalls and other outdoor adventures.

A publicly traded company on the Jamaica Stock Exchange under the ticker DCOVE, Dolphin Cove began operations in 1998 and has since grown to be a leader in experiential tourism.  

World of Dolphins purchased its controlling stake in Dolphin Cove in 2015.

Since the Mexican company began its insolvency proceedings in February this year, the Dolphin Cove board has not been spared from restructuring activities. On July 1, Dolphin Cove shared in a JSE notice that Eduardo Albor Villanueva, Valeria Albor Dominiguez, Sergio Jacome Palma, and Federico Lozano Perez had vacated their positions as directors of the Jamaican company.

World of Dolphins, in its efforts to sell its 79.99 per cent stake in Dolphin Cove, is inviting interested parties to contact Greenhill & Co, which is serving as the company’s investment banker.

“For inquiries, Greenhill advisors will provide non-disclosure agreements and data room access, including a detailed timeline for the sale process,” the Mexican company stated.