Cabinet Office Statement on Sale of BTC

Thu, Dec 16th 2010, 11:17 AM

Nassau, Bahamas - Enclosed is a Statement by Cabinet Office on Sale of BTC.

It is time to bring an end
to the deceit that is now becoming a national debate regarding the
Government's decision to sell 51% of the Bahamas Telecommunications
Company (BTC) to Cable and Wireless Communications (CWC) and its
comparison to an earlier decision to sell 49% of BTC to Bluewater
Ventures.

Price Comparison.

The price agreed with Bluewater was $260 million for 49% of BTC.  But
there was a net balance of approximately $70 million of BTC's cash in
its bank account at the end of May 2007.  There was no allowance in
Bluewater's offer for this cash to be removed from BTC...

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