Cable & Wireless Communications Plc (CWC) says the US$750-million proceeds from the sale of its stake in its Macau business strengthens its hand to invest in the Central American and Caribbean region.
CWC Brand and Commu-nications Director Lachlan Johnston 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.
The Macau sale was formalised Monday, Janaury 14. China's Citic Telecom agreed to a US$1.2-billion deal with CWC and Portugal Telecom for their combined 79 per cent stake in the business.
"We believe that new investment is in the interests of everyone in The Bahamas. We are in the midst of a major investment programme at BTC, worth more than US$100 million in the past two years alone, including upgrading all of the company's networks."
Johnston said that BTC's networks were ageing and in a desperate need of upgrading when CWC took on management responsibility.
"Our overhaul of the systems has taken time to get right, but we are delivering a 21st-century infrastructure which will benefit The Bahamas for many years to come."
BTC is 49 per cent owned by the Bahamian people, and Johnston said that as the major shareholder, CWC takes the responsibility of running the business seriously.
"We remain committed to BTC and to providing an infrastructure of which The Bahamas can be proud," the CWC official said.