<<< Here’s a photo of the government complex on Mall Drive in Freeport, Grand Bahama. It will soon become the former home of BTC. The corporation has been ordered to vacate the office by October as the transfer to new ownership is now underway.
Nassau, Bahamas — Breaking news now coming into Bahamas Press confirm that it’s already a done deal! Cable Bahamas will be the new 51% owners of BTC, according to our ‘deep throat’ in the Office of the Prime Minister [OPM].
“The deal is done and well as our PM says, it is what it is,” the OPM source said.
News of the sale was fast tracked earlier in the year causing argument to rage in Parliament. The Ingraham government had at the time placed emphasis that the Corporation should be sold by the end of the year.
On July 7th, 2009, Cable Bahamas announced that it had government approval to be recapitalized. “This is another critical milestone in our plans to bring Cable Bahamas, in line with other public companies in The Bahamas, by extinguishing unique and special privileges associated only with the shares held by Columbus Communications Ltd,” Tony Butler, President of Cable Bahamas said.
In July the Ingraham government launched the formal sale process for the 51% stake in the state owned telephone company.
“The telephone provider at present has a subscriber base of 334,000 (GSM and CDMA), 132,000 fixed-line customers and 18,500 broadband users throughout the nation. And generates a revenue base of near one half a billion dollars annually,” the OPM source said.
By 28 July, interested investors had registered for the BTC privatization process and paid the corresponding fee of $25,000.
“Those parties took part in the pre-qualification stage, further to which they received additional details on the process and a list of information requirements for evaluation by the government. Those who pre-qualify are now invited to participate in a formal due diligence exercise, ultimately resulting in an economic bidding process for the 51% stake in BTC. But from what we now have before us, Cable Bahamas has the bid lock seal and delivered,” the OPM source told BP.
Our reliable contact in BTC confirmed also that the company has been ordered to vacate the Government Complex on Mall Drive in Grand Bahama. Bahamas Press has learned BTC officers on the island also learned of the order to vacate the building early this week.
Sources say Acting General Manager at BTC, Kirk Griffin, will travel to Grand Bahama early tomorrow to hold meetings on the relocation.
BP reminds its readers to be careful of RED HERRINGS. Anytime you see the WUTLESS Media stirring mute arguments; putting out spin-like stories such as the Marital Rape Law, who will be the AG, who is will be the Chief Justice, who will become the GG, or Miss Bahamas, Miss World. Miss ‘dis and dat’ look again, someone is in the country’s backyard taking the fruits of the tree.
Whatever the case though, we support the move of Cable Bahamas to assume the BTC giant as it has a number of shareholders who are Bahamians!