23rd Jan 2014 10:01
LONDON (Alliance News) - Cable & Wireless Communications PLC Thursday said it has reached an agreement with the government of The Bahamas to establish a charitable foundation dedicated to investing in projects for the benefit of Bahamians.
The BTC Foundation will be funded through the contribution by Cable & Wireless of a 2% economic interest in the Bahamas Telecommunications Company (BTC), which provides mobile, fixed line and broadband services.
The 2% shareholding will not be entitled to any voting rights and therefore Cable & Wireless will retain majority voting rights in BTC as well as remaining the largest overall shareholder, the firm said. Cable & Wireless acquired 51% of BTC from the government of the Bahamas in 2011.
Cable & Wireless will also maintain management and board control of the business, and as a consequence continue to consolidate BTC's financial results.
Cable & Wireless shares were up 0.6% at 54.80 pence Thursday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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