No More Batelco

The government has moved a step closer to the privatisation of the Bahamas Telecommunications Corporation yesterday as it’s new name, The Bahamas Telecommunications Company Limited, was formally announced to the public.

Board chairman Reno Brown made the announcement during a press conference held at the company’s head office on John F. Kennedy Drive.

He said the name change marks the first crucial, and very necessary step in the privatisation process.

“The Bahamas telecommunications Company limited is now in a position to sell 49% of its shares to a strategic investor and in this regard, it is anticipated that the launch of the sales process to identify a strategic investor will occur in due course,” Mr. Brown said.

He informed that there are a number of interested parties who will be assessed upon application to the Ministry of Finance in accordance with the process that the consultants, Deutsche Bank, will propose to the government.This transfer of the employees and officers of the corporation together with the property, rights, liabilities, obligations and agreements of the corporation to the new company, under section 24 of the Telecommunications Act 1999, also marks a significant milestone in the history of The Bahamas, as the new Bahamas Telecommunications Company Limited, with an employee count of 1,127 now becomes one of the largest companies in the country.

With its capital of over $254 million, it is hoped that with the name change, there will also be a change in customer services, type and mode of equipment offered to the public.