The Tribune

By SANCHESKA BROWN

Tribune Staff Reporter

sbrown@tribunemedia.net

PRIME MINISTER Perry Christie said yesterday the government has concluded negotiations with Cable and Wireless for the majority stake in the Bahamas Telecommunication’s Company Ltd.

The next step, according to the Prime Minister, is to take the proposal to Cabinet for their approval or disapproval - a process he said should be completed before the end of the year.

“I think it is fair to say that the negotiations are complete, when I met with the outgoing Chairman and the incoming Chairman of CWC in London we had a meeting and I discussed with them the settlement and whether or not there are advantages that can accrue to the Bahamas Broadcasting Corporation as a result of the movement of BTC into television and when it takes place,” he said.

“Their main concern throughout this process was giving up their control of the Board of Director, of which they have control because they own 51 per cent and so that was the real challenge for them in terms of this deal. I think they understood very clearly at all times the importance of the position that the government and the negotiating team had and the question now is the final outcome being presented to my cabinet - which I propose to do before the end of the year, so that we can decide before the end of the year whether we accept or whether we don’t. We will meet before Christmas.”

Mr Christie also said Digicel is still very interested in coming to the Bahamas when the market opens up next year, along with several other companies, including Virgin Mobile.

”Digicel,” he said, “wants to be one of the persons to be considered, we have been limited in our dealing with the companies because of our agreement between the Government and Cable and Wireless, we think that nothing should take place before the first of April 2014, so we have tried to avoid any conflicts in terms with that agreement, but it is understood that Digicel, who has already approached URCA, have come looking around the Bahamas in preparation for liberalization – Virgin Mobile and others have approached as well, but not formally.”

In 2011, former Prime Minister Hubert Ingraham sold 51 per cent of BTC’s shares to CWC despite heavy resistance from Bahamians. During the 2012 general elections the PLP promised to return the majority share of BTC to Bahamians.