Friday, Nov 15, 2019
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FOR Inside – BTC

The government may have made it virtually impossible for the public to be in the dark–moving to place all the information of the 51 percent sale of the Bahamas Telecommunication Company to the Cable and Wireless on its website.

“The public is hereby advised that as, promised by the Government, three documents related to the 51%sale of the Bahamas Telecommunications Company(BTC)are now available on the website of the Government of The Bahamas,”said a statement released yesterday.

On the www.bahamas.gov.bs website, under the heading”What’s New”, the Share Purchase Agreement, The Shareholders’Agreement and The Memorandum of Understanding are all listed.

The Share Purchase Agreement relates to the terms and conditions of the sale and purchase agreement between the Government and Cable and Wireless Communications Plc(CWC)in respect of 51%of the issued share capital in BTC.

The Shareholders’Agreement will govern the cooperation between the Government and CWS with respect to BTC’s future operations. CWC will be primarily responsible for the day-to-day management and operation of BTC under the terms of this Agreement. The Memorandum of Understanding sets out the key terms agreed between the Government and CWC referable to(a)the acquisition by CWC of 51%of the issued shares in BTC and(b)the post-acquisition ongoing shareholder relationship between the Government and CWC. Following the transaction, the Government will own 49%of the issued shares in BTC.

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