Digicel in Talks to Set Up Network in Bahamas
Published on: 5th Dec 2012
Note -- this news article is more than a year old.
The Prime Minister of the Bahamas has confirmed that he held talks with pan Caribbean operator, Digicel about setting up a network in the country when the current monopoly expires.
The current incumbent, BTC holds a monopoly until 2014.
The new Prime Minister Perry Christie told the Nassau Guardian that he has several ideas on how the telecommunications sector can benefit from Digicel's presence.
The matter is complicated for the government to intervene as it owns a 49% stake in the monopoly operator, and the previous government granted the monopoly status when Cable and Wireless Communications bought the controlling 51% stake in 2011 for USD217 million.
The previous government had planned to sell its remaining stake via a stock market listing, but the then opposition had said it would seek to retake control of the company again.
The current Prime Minister took over in May 2012 and set up a group of advisors to devise a means for the government to buy back a stake from Cable and Wireless, who seem unwilling to sell at the moment.
On the web: Nassau Guardian