NASSAU: Cable & Wireless Communications (CWC) says it has agreed to the sale of its Macau business (CTM) for US$750 million, strengthening its ability to invest in the Central American and Caribbean region.
Brand & Communications Director for the company, Lachlan Johnston, said that since 2010, CWC’s strategy has been to reshape its global portfolio business to focus on the Pan-America region.
“The result of the sales of our Macau and Monaco Islands business, announced in December, is that CWC will build up a strong financial position and we intend to invest in its existing businesses in this region, including Bahamas Telecommunications Company (BTC) and to consider new acquisitions.
“We believe that new investment is in the interests of everyone in the Bahamas. We are in the midst of a major investment program at BTC, worth more than US$100 million in the past two years alone, including upgrading all of the company’s networks,” said Johnston.
Johnston said that BTC’s networks were aging and needed to be upgraded when CWC took on management responsibility.
“Our overhaul of the systems has taken time to get right, but we are delivering a 21st century infrastructure which will benefit the Bahamas for many years to come,” said Johnston.
The BTC is 49 per cent owned by the Bahamian people. Johnston said that as the major shareholder, CWC is committed to BTC’s success.
“We remain committed to BTC and to providing an infrastructure of which the Bahamas can be proud,” said Johnston.