NASSAU, Bahamas, Thursday January 17, 2013 – British telecommunications firm Cable & Wireless Communications Plc (CWC) finalised the sale of its stake in its Macau business for US$750 million on Monday (January 14).
The proceeds from this sale to China’s Citic Telecom will now be used strengthen its investments in Central America and the Caribbean.
This is according to CWC Brand and Communications Director Lachlan Johnston, who has said that, since 2010, CWC’s stated 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 today announced we intend to invest in existing businesses in this region, including Bahamas Telecommunications Company (BTC) and to consider new acquisitions,” said Johnson while in the Bahamas.
Citic Telecom agreed to pay US$1.2 billion to CWC and Portugal Telecom for their combined 79 per cent stake in the business.
Johnson reportedly stated that the C&Ws investment in the upgrading of BTC’s networks over the past two years was worth more than US$100 million.
Johnston said that BTC’s networks were ageing and in a desperate need of upgrading when CWC took on management responsibility. BTC is 51% owned by CWC and 49% owned by the state. Click here to receive free news bulletins via email from Caribbean360. (View sample)