London-listed Cable & Wireless Communications (CWC) has donated 2% of its 51% economic interest in Bahamas’ BTC to a local charitable foundation.
The move follows negotiations with the country’s Prime Minister, Perry Christie, who had pledged to…
London-listed Cable & Wireless Communications (CWC) has donated 2% of its 51% economic interest in Bahamas’ BTC to a local charitable foundation.
The move follows negotiations with the country’s Prime Minister, Perry Christie, who had pledged to bring the incumbent back in the country’s hands after the previous administration privatised BTC in 2011.
The 2% share transferred to the charity will not carry any voting rights and CWC will still hold the most voting shares and retain management control of the telco. In a statement it said it will remain the largest overall shareholder.
Caribbean-focused CWC acquired a 51% stake in the state-owned operator for US$210m.
The BTC Foundation will invest in civic projects for the benefit of Bahamians.
