PM: Bahamas is economic majority owner of BTC

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August 14, 2014

Prime Minister, the Rt. Hon. Perry G. Christie, delivers the keynote address during 30th Annual CANTO (Caribbean Association of National Telecommunications Organization) Conference  & Trade Show, which was held at Atlantis, Paradise Island, on Sunday, 10th August, 2014.  (BIS Photo/Peter L. Ramsay)NASSAU, Bahamas - The Bahamas is once again the majority owner of the Bahamas Telecommunications Company. Prime Minister the Rt. Hon. Perry G. Christie made the announcement while delivering the keynote address at 30th Annual CANTO (Caribbean Association of National Telecommunications Organizations) Conference & Trade Show, which was held at Atlantis, Paradise Island, on Sunday, 10th August, 2014.
"The Bahamas has been experiencing an interesting period of evolutionary activity in communications. We have privatized our former telecommunications incumbent, BTC; renegotiated the partnership agreement with the majority stakeholder in the BTC so that majority ownership is restored to the Bahamian people; updated our electronic communications sector policy; and positioned our resources to launch the process in short order for the award of a second cellular license in the Bahamian mobile market," said Mr. Christie.
Prime Minister Christie said that on April 6th 2011, Cable & Wireless Communications (CWC) acquired 51% of the shares of BTC for a Cash Consideration of $204 Million. Since then, with the installation of a new government in 2012, Mr. Christie said the terms of the original agreement with CWC were renegotiated.
"The negotiations with CWC took place within a cooperative framework and produced satisfactory outcomes for both CWC and the Government," said Mr. Christie. "This, notwithstanding all the ill-informed and speculative talk you may or may not have heard such as, that this was a 'Face saving deal,' or that an extension to the 'exclusivity period' was tied to this. Such comments were and remain utter nonsense."

Click here to read more at Bahama Islands Info

News date : 08/14/2014    Category : Bahama Islands Info Stories

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