PLP Warned: ‘Don’t Renegotiate’ BTC Deal

Wednesday 16th, May 2012 / 09:56 Published by

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The newly-elected Progressive Liberal Party (PLP) government was yesterday warned not to renegotiate the Bahamas Telecommunications Company’s (BTC) privatisation, London-based financial analysts telling Tribune Business such a move would be “pretty negative” and a potentially chilling signal to other foreign investors.

The PLP, which heavily opposed the BTC privatisation, while in Opposition made strong noises about renegotiating the privatisation agreement with CWC, also pledging to recover the 51 per cent majority shareholding in the company.

However, numerous analysts, who all cover BTC’s 51 per cent majority shareholder, Cable & Wireless Communications (CWC), suggested it was not in the interests of the Bahamas – and its economy – for the Government to attempt to renegotiate the terms of a deal for an asset that generated 28 per cent of the company’s 2012 first half Caribbean operating income.

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