The Tribune

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

GOVERNMENT ministers and Bahamas Telecommunications Company (BTC) representatives celebrated the government’s official claim of majority economic interest in the telecommunications company during a luncheon held at the Balmoral Estate yesterday.

As Cable and Wireless Chairman Phil Bentley presented a $1 million cheque to the BTC Foundation, government officials boasted about securing two per cent of BTC shares in the charitable trust for Bahamians.

Although the deal was announced earlier this year, negotiators only recently wrapped up the legalities required for the transfer of two per cent shareholding in BTC from Cable & Wireless Communications (CWC) to the BTC Foundation.

“The final configuration of the partnership framework that we now have with CWC is undeniably more beneficial to the Bahamian interest, in all aspects, than the construct agreed by the former administration in 2011,” Mr Christie said during his speech yesterday.

“We also believe that it produces an equitable win-win result that both sides can live with. Here are some of the benefits. The Bahamian people are guaranteed to receive the economic benefits to be derived from the two per cent shareholding and CWC maintains management control of BTC with assurances that their right to consolidate BTC’s accounts into the group accounts is preserved. Additionally, the reconfigured partnership provides for important cooperation between CWC and the BCB for implementing and integrating technologies and developing strategies to enhance BCB’s capacity and ability to profitably deliver programming. It also provides for other forms of collaboration with Government agencies to implement agreed “Social telecoms” programmes, including, but not limited to, the areas of health, security, education and e-government solutions.”

He added: “For those critics that unfortunately wish to regard the new partnership arrangement with CWC as reverting to pre-2011 BTC, I say nothing could be further from the truth. BTC is facing competition and is preparing to adjust to this reality. Technology has changed since 2011, indeed The Bahamas’ very competitiveness in the global economy has come under immense pressure. Today, BTC is managed by private industry best practice standards and norms, and its management leaders saw the wisdom (and I again commend CWC for this) in recruiting local talent to meet changing circumstances. It sounds like a winning combination to me and a far different cry from the BTC of 2011.”