Cable and Wireless Communications (CWC) confirms receipt of the letter of approval for the merger with Columbus Communications from the Telecommunications Authority of Trinidad and Tobago, (TATT), and would like to thank the Authority for conducting their investigation with rigor, courtesy and professionalism.
CWC fully recognised that our shareholding in TSTT would need to be neutralized either by a blind trust or by disposal of our shares, matters that were previously considered by the company. We look forward to working with the majority shareholder, NEL, to agree a fair process for disposal, as embodied in our existing Share Holder Agreement, and are supportive of a disposal process that permits an orderly sale to be concluded in a period of not more than 18 months.
Additionally, we are confident that our shareholding in TSTT will prove attractive to a number of investors.
Looking toward the future, we have ambitious plans for our Flow business in T&T and intend to make investments in rolling out high speed broadband across the country. The Company plans to build a new Data Centre to host the growing Business to Business (B2B) Managed Service offer, as well as expand its Network Operations Center, and open a Technology Centre, creating additional jobs to the over 800 staff already employed.
We look forward therefore to meeting the required conditions precedent shortly and receiving consent for the change of control in Flow T&T’s licences.