thebahamasweekly.com - Prime Minister Christie pledges to reacquire majority control in BTC

NASSAU, The Bahamas – Prime Minister the Rt. Hon. Perry Christie has reaffirmed the Government’s commitment to regain majority control of the Bahamas Telecommunications Company, BTC.

He made the statement during a press conference on Tuesday, July 31, 2012, in the committee room at the House of Assembly.

Cable & Wireless Corporation has a 51 percent control of the local telecommunications company; the Government, 49 percent.

The Wall Street credit rating agency Moody’s has questioned the Government’s intention to re-nationalise BTC. But according to the Prime Minister it seemed unfair.
“No representative of Moody’s has spoken to me or raised any questions to me about my declared intention in representing the Government of The Bahamas to commence discussions with BTC with respect to acquiring the majority of interests of shares of BTC for Bahamians,” he said.

Meanwhile, the Prime Minister has appointed a negotiating team to discuss with the principals of Cable and Wireless, the issue of regaining the majority stake of BTC. Discussions are expected to commence mid-August.

In its Charter for Governance, the (Progressive Liberal Party) Government pledged to review and take all necessary steps with a view to renegotiating the contract with Cable & Wireless Corporation.

It also pledged to: “Develop BTC into a regional corporation with Bahamian ownership and widespread with a view to competition, expansion, profit generation. And to activate sale of shares to Bahamians.