The director of Correia Construction is the largest shareholder of Bermuda Cement Company, but silence still reigns over whether the new owners will be allowed to remain in the existing Dockyard site.

Paperwork for the new owners of BCC was completed at the Register of Shareholders on Friday and showed that Dennis Correia was the majority stakeholder with 48,000 shares.

Mr. Correia had denied in an interview with The Royal Gazette in December that he was even attempting to purchase shares, chalking up reports he had bought shares to Bermuda's "rumour mill".

Giant cement manufacturer Cemex owns the second largest block with 46,353 shares and new owner Christopher Shanks owns 10,800 shares.

Michael and Anette Bierman retained the 5,622 shares and 3,815 shares they respectively previously owned.

And Paul Simons, the third man to buy a portion of the company in the December sale, owns 2,745 shares.

Meanwhile SAL Ltd. retained its 2,019 shares and Fiduciary Partners Ltd. retained its 646 shares.

The shares were sold in December after former majority owner Jim Butterfield and six other shareholders became fed up after years of protracted discussions with the West End Development Corporation (Wedco).

Wedco had required the previous owners to dismantle the current plant and build a new one nearby in return for a new 20-year land lease.

Former owner Mr. Butterfield backed off the plan when it emerged it would cost $12 million to $15 million to do so, and thus would be economically unviable — particularly as the current cement silos will remain functional for another 40 to 50 years.

Another sticking point between the former owners and Wedco was the requirement for the company to sell a percentage of its shareholdings to the public.

Since the sale was announced Wedco has remained silent on whether it will require the new owners to adhere to the same requirements.

Wedco chief executive officer Andrew Dias has not responded to repeated requests for information about the lease agreements with new owners.

And yesterday the Government-appointed Wedco Board chairman, Walter Lister, said: "I am not in a position to comment on that."