Nassau Bahamas — There is breaking news tonight emanating from the Office of the Prime Minister, which confirms BTC is now sold to Cable and Wireless.
Just minutes ago sources in the OPM have confirmed to Bahamas Press the telecommunications ‘Cash Cow’ was sold for pittances to the regional carrier in a Memorandum of Understanding signed by the Privatization Committee late today.
Bahamas Press was advised the Corporation would be sold, according to the memorandum, for $210 million. We can confirm the Government of the Bahamas will also collect from C&W stamp tax on the sale price.
We can tell you the Government will also take control of all cash in bank accounts of BTC, leaving no less than $15 million on the books.
Negotiators on behalf of the Government have agreed to allow a complete restructuring of the Corporations. Though not spelt out in the Memorandum, BP has learnt the bone of contention, which delayed the signing was the Government’s disagreement to allow 30% of the workforce to be downsized.
We are being told in this new agreement; a voluntary separation package will be offered to employees wishing to sever ties with the new Corporation owners.
We can also confirm C&W will have exclusivity in the market for a period of three years. Following that period, it is expected all private carriers will be allowed to come on-stream and compete in the telecommunication areas. This is good news for Cable Bahamas, which is being said that major politicians hold financial interest.
Late this evening union leaders representing BTC requested a meeting with Prime Minister the Rt. Hon. Hubert Ingraham. We are told that meeting ended in a stormy row, with union leaders storming out.
BP has learnt the new developments at the Corporation will erupt into major disruptions in telecommunications across the country along with a planned protest to be announced.
Bahamas Press will update our readers as developments to this Breaking Story…
WE REPORT>>>YINNER DECIDE!
Are we selling because some other company would be able to put more money into the Public Treasure?
Do we really believe C&W will put the Bahamas on the cutting edge when last year they invested $114 million dollars in their entire Caribbean operation of 13 countries. BTC’s capital invested was $51 million dollars last year so tell me again why are we doing this. Plus the governments PLP and FNM has already spend more the what C&W will pay for 51% of the company.
Can we see that this makes no sense?
We should stop wasting time and money and find someone with vision and get on with the business at BTC. The less government involvement the better PLP or FNM.
If you call BTC for help at least they can understand your address … with C&W I don’t think it’ll be a Bahamian taking your complaint…
I’ll have to agree…forget FNM & PLP – BTC is now owned by the Government and is profitable and the money goes in the Treasury and Bahamian people have (good paying) jobs at BTC. Let’s not forget the prices are set by the Government on rates 🙂
To sell to a company with a poor record like C&W the majority shares for less value than its worth….SHAME on any government who does it.
Here’s an old clip called A Case of Privatization Gone Wrong with guess who C&W
Michelle Lescure, World Press Review correspondent, Panama City , Panama , Aug. 1, 2002
> After the company privatized, unpopular measures were imposed. Student protests—dispersed with teargas—followed a 500-percent hike in the cost of phone calls within Panama . Millions of dollars were invested in a call center with dubious prospects for profitability. The company’s purchasing office was moved to Miami , raising costs and adding another layer of intermediaries to transactions. Many qualified workers were laid off, raising unemployment figures just as the Panamanian economy was beginning to stagnate.
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> Today, documents are coming to light that cast suspicion on the deal.
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> Cartoon: Victor Ramos López (“Vic”), La Prensa, July 28, 2002
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>
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> It was not known to all bidders, for example, that after privatization INTEL would be left with a cash flow of more than US$109 million, or that it would benefit from two government promissory notes. But C&W did know, as evidenced by the document certifying their purchase of the shares. The promissory notes’ value is still not known by the press, the public, or indeed by the phone company workers, who own 2 percent of the privatized company’s shares.
Today, C&W Panama faces trials and lawsuits involving more than US$150 million demanded by suppliers and contractors. In February, the Public Services Regulating Entity, a government board that oversees privatized enterprises, fined C&W for non-compliance with a concession contract clause about maintenance of public telephones.
The workers who own the remaining 2 percent of the Panamanian C&W subsidiary’s shares have filed lawsuits to annul a bidding process they consider rigged, and to review the telecommunications company’s activities in Panama . After many protests sent to legislators, government ministers, and the president, they’re now seeing signs that give them hope that their concerns will be addressed. The workers and shareholders are claiming deceit, conspiracy, collusion, misappropriation, arbitrary use of public assets, and securities fraud. The latter offense is alleged to have been committed in concert with KPMG.
May the Bahamas Government should reconsider…
Wilard we are two inches from STOP, REVIEWING AND CANCELLING YOUR IP from Bahamas Press.
KEEP IT UP!
Bp
I need to pay for my phone repairs cause when ya call btc to fix ya phone they might show up next year.
When u put them dish on your house your stealing also jc, when you go to miami and have someone put direct tv in their names and you bring the box back to nassau thats stealing. I said everything Cable is doing might not be right but without them coming here how advance do you think the Bahamas would be. ITs not all negative about cable. Think back before 1995 no atm or credit card only sun card. LOL How do you know if they are the worst option on the block. Dude they aint coming her to start from scratch they are coming to expand and improve a exsisting system. Dude there are so many options for phone now til i have indigo in my house so if CW charge me for call i use my indigo to talk long. Remember when it was just Cable doing internet now ya get bout 4 company now open ya mind man. By the way The NDP need over 40 seats to win the government. They have how man people running in that party
? I dont care bout FNM, PLP, or NDP. Talking about gift remember The PLP owned the radio and tv before the fnm open now people like you can have a voice and be educated and speak out about cable and wireless who is ill educated now.
Denise if you are a PLP be proud to be one, despite the fact that you making the PLP look like the choir and you know they are not.
I am an FNM and I respect the rights of every Bahamian, even though it is hard for me to see people say with an honest look the PLP is better then the FNM.
If you think giving a cable monopoly to a company that is stealing signal and selling it to Bahamians is advancing the country, then you get what you deserve. There were any number of US cable providers who would have done a much better job than Cable Bahamas. Don’t miss the point -“Open Mind” – it is not the sale of BTC that I object to, it is its sale to the worst option on the block. Truly, a gift to any dictator is an ill informed and ill educated electorate.
Like I said I aint PLP, but when you vote, or choose to vote, you have to pick the lesser of 2 evils right? I chose the PLP, not because I am a card carrying supporter, but the PLP do LESS harm. The FNM is full of PLP haters, with no vision except to take from the PLPs, even if it hurts the country. Hubert stopped many programs simply because it was a PLP idea, nevermind whether it would help the country or not. I know yall have been burned by the PLP and can probably recount some personal loss at the hands of a PLP minister or even Pindling. I understand that, but we have to look beyond our personal grudges and do what is best for the country. By the way, if the NDP puts a representative in my area, I will vote for them.
Sell it man make our lives better we was not gaining anything from BTC other than high cost for services that dont have to be so expensive. BTC is only a cash cow because of cell services. Give cable Bahamas the license to do cell and you will really see what btc is really worth. Sell it before it dont worth anything. We as bahamians have to open our minds with Cable and Wireless coming more small business will benefit like island cellular because now they can become vendor for C&W all btc want to do is sell these minutes for so much damm money. We complain when services are bad and when the government bring in someone to do something about it we cry sellout. Trust me Cable bahamas is to expensive but they did move the bahamas forward in development. Cause we on this thing voicing our opinion not because we had the internet before Cable but because they provided us with this opportunity.
YALL WANT COMPO FOR CABLE BAHAMAS HERE THEY COME ANOTHER CABLE TV PROVIDER. BTC JOKING. AND WHO THE HELL IS BLUE WATER A BUNCH OF PLP AND FNM MPS AND FRIENDS TRYING TO BE GREEDY
I now understand why the PM has been able to do this – an ill informed electorate. I have colleagues in Turks, Barbados, Jamaica and Cayman who can only agree on one thing and it is that C&W is not a good company. I hope all of you are ready to pay for calls from your land lines and to pay for telephone repairs. I also hope you’re happy when you are trying to direct someone in Jamaica to your house to have your phones repaired. It is disappointing to see that so many people are still so ignorant. As the rope gets tighter around their necks, they are rejoicing. Little do they know that they are now enslaved. READ people. Look up C&W and see why the rest of the world knows we just signed our own death warrants with C&W. (And before you start calling me a PLP, I have never voted PLP in my life but I can think and analyze and read and I know this is a bad deal for Bahamians).
C & W is a great company and other companies need to follow them. Please stop jumping to conclusion. C & W Barbaos for example does not charge calls from your landlines and the list goes on and on.
Sell Baby Sell!!!!!
LOL This is too funny how people are split on this issue…THINK people BTC is only making money becasue of the high rates they charge. Think somemore, we all agree that the sector needs to be made open and liberalized to competition so if that happens tomorrow without a sale of BTC guess what profits are no more. Think even further, with profits lost the owners who will be us the tax payers will have to fund BTC like we do with Bahamas Air, Water & Sewage, ZNS and many other government own entities. So I say think people this is only a chest move to get rid of the dying thing before we the poeple are left with another burden on the tax payers to keep the masses employed or to downsize. I say for $210 million and within 3 years we will have Cable Bahamas, Indigo and maybe even Digi Cell and B-Mobile to come into the Bahamas is a great thing for we the people!
Well stated, Conservative Liberal! It will only lose value over time, not increase.
Yea denise I hear your passion but certain things you say I just dont agree with.What opposition did the government get with BTC sale? the union and the PLP?Ha give me a break. You say more people prosper under the PLP?Well just look around in Bain town,Engleston Farm road and St ceciela and South Andros the bed rock of the PLP do you see any prosperity? I dont.You also mentioned that I should ask my MP to lobby for a reduction in cellphone rates.Thats just it big government meddling in every thing thats why we in this mess now.Smaller government more competition is the way to go.look around you, market forces drives the price down not government meddling.
THEY THEY HAVE SELL OUT THE BAHAMIAN PEOPLE FOR CHICKEN FEED! PAPA THE SHIP IS SINKING SOS SOS!
BP
Denise you are a PLP plain and simple. Now you taking the most fool BEC is messed up because under the PLP, more black Bahamians prosper, I guess you and your PLP family prosper. I would not be surprise if you are not one on the Blue Water’s spin doctors.
SHame on you all.
Y’all need to wake up and smell da cerasee. Dis deal een good for the Bahamas. That is not a PLP or FNM statement, that is a fact. C&W has a terrible track record, especially when dealing with their employees. All a yall red and yellow people need to chill out because at the end of the day the two former law partners gat their bread buttered. When they retire, we got to pay to maintain their lifestyle. Wake up Bahamian! Peter een better than Paul.
I am employee of C & W and I am proud to be working for such a great company.
You are probably FNM also.
HmMMMM! Proud of having shameless records….
BP
Our record:
Engaged employees
First to introduce EDGE
first to introduce 3G in the region
First to offer minimum packages for internet of 1mb and now aiming to have a minimum of 8mb for residential and business
Very community oriented
Introduced Blackberry many years ago
One of the first in the region to introduce GSM
Heavy investment in training
List goes on and on
whats the upload speed on the regular packages? Right now BTC’s upload speed on business packages are just too slow for anything worthwhile. We switch people from DSL to Cable almost every week now.
Yes Wilard and Joey,
I am upset! When I see my country going to hell in a handbasket, I get upset! For all the opposition that the FNM govt got for considering C&W, and they still signed an agreement with them, I am upset. Does my Bahamian opinion mean nothing to the FNM? Contrary to how it may seem I am not PLP, but I detest those who can’t see wrong in the FNM. I voted FNM in 1992 and i was a huge supporter of the FNM, but then I watched their policies change from Bahamian interests to foreign interests and I could no longer support them. The real ideals of the FNM, under Kendal Isaacs and others, have been lost under Ingraham, it is only a shell of what it stood for back then.All those who truly had a vision for the FNM were ousted out, and only ‘yes men’ are left.Perry and Hubert are not fit to run this great Bahamaland, but I lean to the PLP because under the PLP, more black Bahamians prosper. Selling BTC will completely erode what is left of the black middle class, because many of them will be terminated or salaries slashed. If you want your cell rates reduced, speak to your caring FNM govt, can’t they intervene the way the PLP intervened to keep electricity rates low? Yes they can! See, there are other more sensible, less drastic ways to improve efficiency at BTC and if we let this deal with C&W go thru, we the Bahamian people will pay the cost.
YOU cant be serious?
You say you are not PLP, but then that you lean PLP. Either you is or you is not – I am neither FNM or PLP, I wont vote for either of those clowns again. Im glad they sold that crap called BTC, about time they stepped up into the future. Lets hope we can get some fast DSL speeds now for a change, like the rest of the world, without spending $400 a month for $100 a month cable type speeds. Oh and yeah, tags on everything.
That crap called BTC? Well we will have to wait and see who the real crap is and I hope its not this strangely, new, innovative, technologically sound C&W that the government sold to the Bahamian people. May God help us in this country, cause if we loose any more jobs, crime is going to escalate and we will then be running out of here like the Haitians run out of Haiti. Maybe that would be better for us since we are of no value in this country where we were born. The only persons with any type of sense is the government and if you oppose them, then you are stupid, ignorant, led by others, and simply do not belong here. Sad, sad day.
Lord such emotions Denise!
Think about it we the people the tax payers are paying for that middle class PLP or FNM we are paying each other. Look at what happen to RND Movie theater when Galleria open at the mall. The same will happen to BTC so if you want to buy it go right ahead but we should not just cut rates we need to make communications better in the Bahamas! BTC cannot offer 3G speed or push to talk let alone survive without having a monopoly on we the people. I would buy shares in BTC when offered to become a preferred share holder/owner but whats the point if when competition such as Cable Bahamas and Indego are ready to offer phone and cell service tomorrow and the record profits are no more, what then will happen to the middle class balck Bahamians that you are talking about…we the tax payers will have to pay for them like we cry about with ZNS, BahamasAir and Water & Sewage just to name a few. LOL at improve efficiency…BTC has established a standard of Operations called (Six Sigma)… and have made huge cost cutting and cost savings as a result of the program… but like ZNS BTC was a dumpping ground for political jobs people with nothing to do so we the people pay for it. I look at ZNS 80 employees lighter and Thousands of $$$$ saved and we look and see nothing has changed at ZNS, same programs, the news everyday but with less people being paid by you and I to do nothing. Maybe now we can find that $3 million we need to make ZNS a digital service so as i use my HDTV it will not look like we are watching an old western or Ponderosa…lol
Denise,
have faith, time will prove you right. BTC by all means is not perfect, however we the Bahamian own this company collectively, 2007 election was not a mandate by the people to divest itself off any assets. Having lived abroad for several years, i can say when it comes to paying your utility bills you don’t leave a balance, and try to take out a new service. Your credit will be destroyed, when BTC decided to embark on a prepaid platform was due to the millions of dollars owed by persons using the service and could not pay or refuse to pay. We complain about the rates, for a long time we never paid toll charges for local calls, that my friends will be coming, there are no partial payments made on services, you will pay your bills in full, so when you sit there and criticize, complain about the service be prepared for what’s to come. Our good friend Cable Bahamas is doing extremely well, having used the of all the infrastructure that was put in place by BTC and BEC, that we the tax payers paid for. do you see their profits going into any social programs or to assist in the development of this country. BTC is gone and we will never get it back, ask the government in Belize about their situation. I would have love to see the Government maintaining a 51% stake in the company , selling the off the 49 percent to the Bahamian/investors to raise capital and hiring a professional management team to take us to the next level. Be it as it may, it is what it is. Denise no need to be upset, we all are in this together. I urge you to use the services wisely, don’t burden yourself with unnecessary bills. I don’t have cable nor do I want. I keep my calls to a minimum, and one or two years from now, we will hear the cries. Have faith my sister
Cable & Wireless is the leading telecommunications company in the Region. They do not own 100% just 51% so the PM has not sold out. Both political parties wanted to privatize BTC but PM Ingham got the job done.
well don Mr primister at leas you do it not just talk it /// We Bahamain pleas start our own small cable and phone company and compete with all the big companys that is get there strong hold on our lives . nothing come good with out a fight . support Bahamain company ( Bahamain companys you cant get rich over night or by killing your poeple with crazy price ) BTC is gone there will be something else soon ,,,,
We’re not stupid Bahamians. A lot of us hate changes. BTC have been doing alot of garbage. Taking people’s money and cant have good service. You pay for the vibe and get cut off, and still have to use your normal phone. The internet is a piece of shit, I wont talk of the wireless service. Mr Ingraham is Bahamian, and a very smart man, so I cant see him selling us out for worse.
Denise, how dear you call us Bahamians stupid, I just hope that you are not the same Denise from the BCOPU who caused ZNS workers to carry on so bad.
denise we disagree,but we are not stupid Bahamaians.You have your view and we have ours.I bet you by the end of 2011 our cellular rates will come down.BTC profit margine is substantial only because of cellular services.Haiti pays a lower rate than we do can you imargine that?Am a consumer and my bottom line comes first.
Denise, calm down put down your yellow thoughts for a least five seconds, Perry and the PLP were a failure and took too much for granted.
The FNM is serving us well, and Hubert is looking at our best interest.
Please STOP calling Bahamians stupid, we disagree that is all.
The PLP will not win the next election prepare yourself for it.
anyone that votes for the fnm or the plp is stupid for a fact.
The Government paid Blue Water 1.9 million to settle a lawsuit. In 1999 the Government spent over 130 plus million in packages throw in about another 60 million in consultants I would say they truly got about 30 million. C&W has a presence in 15 territories in the caribbean combined BTC made a net profit nearly 33% of those territories combined. Most people would agree to privtization but we the people say BAHAMIANIZE. Papa say he want sell BTC to build a new hospital haaa what a joke. Political figures take advantage of our short memory and not to mention ignorance and tribulism. We make noise for the 9 day news cycle and after that business as usual. Why would any caring government want its people to be minority owners. It’s a Bahamian thing not FNM not PLP but Bahamian. Read my people for knowledge is power
In order to sell BTC it has to go through parliament. It should in my opinion go through a referandum. BTC as we now know it will cease to exist, so wouldn’t it be fair to envolve all the people. That’s true democracy we all are fairly resonable and decent people. As a citizen I urge all the real Bahamians in parliament to reject C&W as the buyer. Reasearch their record in the caribbean. Their hostile attitude towards workers. Mr. Parliamentarians do your homework before you support this for if you don’t, this would be one of the greatest blunder Bahamian history.
No, the government owns 49% and you can see thru all the protests about the dredging, Saunders Beach, Arawak Cay, Blue Hill Road, etc, etc, that the present govt doesn’t give a you-know-what about what the Bahamian people want! But yall one-eyed FNM supporters only happy if the PLP dont get something, but if the FNM bigwigs like Hubert and Brent get major shares in Cable Bahamas and the hot mix for all these roads, then yall stupid FNMS don’t see anything wrong with that eh?Cockeyed, stupid supporters! Yall wont get anything out this deal but higher bills! Ya need to stop seeing PLP and FNM and start thinking about what is best for Bahamians.
The people still own 49%, and we are the Regulators. I know why Roberts and the PLP Oligarchs are upset, but why the rest of you makin’ noises? When Blue Waters ready, they can buy out C&W’s interests…
all those people who approve of selling a monopoly to a private company are the stupidest people in the world! all it does is moves a money making business from one hand to the other. Why should a private company be interested in lowering prices and providing quality service if they are the only show in town? You stupid ignorant people! At least when it was government run, the govt and the people got funds and good salaries. Now what will we have? Paying long distance rates to call from Cable Beach to Fox Hill! People losing their jobs! What will happen to the Family Island staff? Good packages only last so long, their standard of living will drop. But then I suspect that many people who want BTC sold, are really jealous of the good salaries and comfortable living that the staff now enjoys- black crab mentality- so now we will all suffer! Stupid Bahamians for supporting a stupid Prime Minister!
Ive looked all over the internet and cant find a telephone company called Blue waters.This is who Bradely Roberts and the PLP wanted to sell BTC to.Like The Prime minister said can you imargine who all hand was mix up in that.Thank God BTC is sold to a company who have a track record in telecommunications.
Thank you prime minister thank you. I’ve voted for the PLP in the last election hoping they would sell BTC but they failed,now an considering voting for the FNM for the first time ever in my life. Thank you for getting the job done.By the way who was Blue waters anyway?Is that a telephone company?
Thank God that trash of a company has been sold. The backs of bahamain made the profits for BTC by charging poor people hefty sums for cell calls. Then they turn around and throw lavish parties, sponser everyone including TOBY & The DOG then make fools of you even more by giving poor people a couple a cents of free minute every so often.Thank you PM, Thank oyu, PM May God continue to bless you with wisdom and the ability to make the tough decisions….Oh by the way…When are you gonna retire these civil servants who have put in over 30 years and more…My GOD persons have been stuck at their bar for decades and do not qulify for promotions and are still at the bottom of their positions as clerks, cheif clerks, drivers, police,nurses, attornt general office and ministery of works. I am told that some of them have already done 40 years….
I think you need to research your history, you are so ignorant to the fact and obviously have issues with yourself
I SMELL A RAT!!! BP commented that Cable BAhamas will love this deal. Isn’t the PRime Minister daughter married to a major shareholder in Cable Bahamas??? I SMELL A RAT BIG TIME!
BTC/Cable and Wireless marriage fails and guess who picks up the Market? Cable Bahamas!!!!!
BP
Yes thanks you very much Mr. Ingraham, it certainly was no secret deal with people that no one knows even to this day who they are.
Sail on down to victory 2012, we thank God for you.
I am disgusted. I voted FNM and right now I just want to throw up. My entire body broke down when I heard dis news. PM Hubert Ingraham has let me down. I know he makes the decisions but come on he even at one point admitted that Cable & Wireless were worthless. I definitely will not be voting FNM again.
What happen to the union(BCPOU)? Weren’t they supposed to have filed an injunction long time? I guess Bahamas Press(BP) reports about the President double dipping must have been true. They just sat back and let this happen??? THIS WILL GO DOWN ON THE BOOKS & WILL BE A DECISION THAT WE WILL REGRET FOR THE REST OF OUR LIVES THAT CANNOT BE TAKEN BACK. I am so pissed right now.
The Union Leadership sat right on the Board of BTC. From day one BP detest this spineless wicked decision by the President to do so. But yinner to listen to BP. So there ya have it.
BP
Obviously you do not know what you are saying. The union leader that is there now and speaking out for the people, is not the one that was there before.
Guess that is why they changed him; but I can only speak for the one they have now and know that he is doing the right thing – whether you can see it or not.
OMG!! You just up and sell a major utility without even bringing it to the people or asking them how they feel? I cannot believe a Bahamian whether PLP or FNM can support the sale of BTC. Are you serious? We are selling away the future generations of the Bahamas. We actually are thanking the Prime Minister for getting things done. He’s getting the job done alright. Selling everything to foreigners without a care or after thought. In retrospect to Cable & Wireless…OH BE CAREFUL PERSONS WHAT YOU ASK FOR. You know what you have but don’t know what you’re going to get.
Thank you Mr. PM , You make the hard choices, respect is due .
rejoice now… the best is yet to come……
Thank you so much Mr Prime Minister! You are throughly a man you gets things done!
AP
Are you serious? Someone actually condoned this decision. We have some real ignorant Bahamians. I voted FNM last election and I cannot agree with this. I wonder if the Prime Minister made some of these same persons eat SHIT they will say oh GREAT JOB as well. Boy we IGNORANT! Go and read up on CAble & Wireless. I will call a spade a spade. My Bahamas more important and better than any one man…HUBERT ALEXANDER INGRAHAM. I am appalled at Bahamians that actually agreeing with this decision. TAKE OFF YA GLASSES MAN! MUDDOES DREAD!
THE PM SAID THE SAME THING ABOUT THE BAHA MAR DEAL WITH THE CHINESE THAT HE AINT AGREEING TO ALL THEM CHINESE CUMING TO WORK.
BUT HE WENT CHINA FOR A VISIT AND HE CAME BACK AND SIGNED THE DEAL. NAW HE FRIEND WHO HE WORK PERKS FOR ON PARDISE ISLAND MAD WITH HIM FOR IT AND HE TELL BRING ME PROOF OF WHAT YOU TALKING BOUT. LMAOOOOOOO
I SMELL UNDER THE TABLE SHIT GOING DOWN WITH THE BAHA MAR DEAL AND THE BATELCO DEAL.
C&W has the worst track record in the region. How is it that they came out of no where and was able to buy BATELCO? Didnt this very same PM say back in his second term that BATELCO will never be sold to C&W? What changed? Does the government need money that bad?
I think HAI just sealed his election defeat!
i hope you all are prepared for wat to come you know us as bahamian are ready for anything and prepared for nothing…
hey thanks once again bahamas press for always keeping us bahamians in the know… keep us informed!
GREAT!!! news …… keep up the good work BP.
Finally…
Dear Proud Bahamian, How can your thank Hubert Ingraham who cancelled an agreement to sell 49% (minority) of BTC for $260 Million. And in the process paid $1.9 Million plus huge Legal Fees to Bluewaters which was a much much stronger Company than Cable and Wireless a Company that Hubert Ingraham boldly said he would never do business with. Cable & Wireless buys 51% (majority) for $210 Million and you say thanks for the give away!!! I am shocked. This a terrible waste of a major public asset.
Bluewater a much stronger company than Cable & Wireless? Define “stronger”.
Was bluewater British?
You have got to be joking the so called $260 million that was going to be paid back from a 5 year term monopoly on cell service was not a benefit to the Bahamas. You and I both know that BTC is over staff and costly to operate and if it was not for its current monopoly it would not be making profits or be a so called profitable asset. Please lets not make this political my God BTC cannot even offer 3G Speed or Push to talk on cell phones. I say sell it for less than $210 million and open the sector up tomorrow for competition but you know that BTC will have to close shop if it stayes in its current form within a liberalized cellular sector.
You obviously is ignorant to busines. If you have a car and it’s book value is $30,000, you add rims and a stereo system, Would you sell your car for $10,000. I think not Further more if we as Bahamians own BTC, we would not give another compnay our business. We would prefer BTC because that would be money going back in our pockets at the end of the day. Cable & Wireless will still have the monopoly for 3 yrs so where is the competition. THis FNM governenment is just dumb. They do not think outside the box. None of the Cabinet Minister have any idea of how tecnology work. Watch and see who will realy benefit from this deal. Investigate now who have set themselves up in certain business to benefit. It’s always the grouping that Hubert Ingraham has to cater to.
Never say never. People change and so do companies. Cable & Wireless has new leadership with a bold strategy and vision.
Cable & Wireless has new leadership with a bold strategy and vision. This was posted by someone name Lloyd. Are you cockeyed? or just illiterate? C&W have not changed, they just say they have. Read Bahamians, Read
THANK YOU MR INGRAHAM…..THIS IS THE ONLY WAY THE BAHAMAS WILL SEE THE FINALLY SEE THE LIGHT
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