The Tribune

By NATARIO McKENZIE


Tribune Business Reporter


nmckenzie@tribunemedia.net

CABLE & Wireless Communications (CWC) chief executive, Phil Bentley, said yesterday that the conclusion of the ‘2 per cent of shares’ in the Bahamas Telecommunications Company (BTC) deal with the Government was “imminent”.

He added: “It’s just a case of dotting the ‘i’s’ and crossing the ‘t’s’.”
 Mr Bentley said there had been no changes to the deal announced back in January. Speaking at a press conference to announce the appointment of Leon Williams as the company’s incoming chief executive, he added:: “It’s one of those things where the legal documentation just takes a while to do.

“It’s pretty much imminent. Nothing has changed in that regard. It’s just a case of dotting the ‘i’s’ and crossing the ‘t’s’ but there is absolutely no change from what’s been announced earlier in the the year.

“It’s just a question of how long it would take to turn the documents around, and also what’s the right time to announce that.”
 Back in January, CWC and the Government announced that an agreement had been reached to establish a charitable foundation dedicated to investing in projects for the benefit of Bahamians.

The Foundation, to be named the BTC Foundation, will be created by the Government and funded by an almost-2 per cent stake in BTC, contributed by CWC.

The Foundation will invest in projects aimed at increasing and improving access to, and enjoyment of, telecommunications technology, as well as other important civic projects.

Under the agreement, CWC transferred 2 per cent non-voting shares from its 51 per cent shareholding to the BTC Foundation, with the Government and CWC both holding 49 per cent and the BTC Foundation, 2 per cent.