The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas Telecommunications Company’s (BTC) majority shareholder effectively hit back yesterday at Prime Minister Perry Christie’s concerns over its asset sales, adding that $749.7 million it would receive for exiting Macau will be ploughed back into its Bahamian - and Caribbean - interests.

Cable & Wireless Communications (CWC) decision to exit its Far Eastern interest, via a sale to CITIC Telecom International Holdings, follows quickly behind the deal to sell its Monaco, Channel Islands and Maldives business for $680 million.

But, in what could be interpreted as a direct riposte to Mr Christie’s comments at last week’s Bahamas Business Outlook conference, CWC said in a statement that the asset disposals would free up attention and capital to invest in its Central American and Caribbean businesses - including BTC and the Bahamas.

That reinforces comments made by Geoff Houston, BTC’s chief executive, who in responding to the Prime Minister’s concerns over CWC’s asset sales in other geographic markets, said the moves could only benefit the Bahamas.

In a statement yesterday, CWC, with one eye no doubt on the Prime Minister’s remarks and the continuing tensions over the Government’s efforts to retake majority control at BTC, said the Macau and Monaco disposals would strengthen the company’s ability to “invest in the Central American and Caribbean region, including in the Bahamas”.

The company added that it had been reshaping its business portfolio since 2010 to focus on the pan-American region, and added: “The result of the sales of our Macau and Monaco Islands business – announced in December – is that CWC will build up a strong financial position, and today we announced we intend to invest in the existing businesses in this region, including BTC, and to consider new acquisitions.

“We are in the midst of a major investment programme at BTC, worth more than $100 million in the past two years alone, including upgrading all of the company’s networks.

“BTC’s networks were aging and in a desperate need of upgrading when CWC took on management responsibility. Our overhaul of the systems has taken time to get right, but we are delivering a 21st century infrastructure which will benefit the Bahamas for many years to come.”