Retail group looks to buy C&W’s FINTEL stake

21 Jun 2005

Fijian retail group the Suva Retailers Association, has approved a bid to buy out Cable & Wireless (C&W’s) 49% stake in Fiji International Telecommunications Limited (FINTEL), which links Fiji to the rest of the world through undersea cables and via satellite, providing a wide range of services for both business and residential users. A spokesman for Suva, Mahendra Motibhai Patel, confirmed the group’s aims, saying that it believed C&W should sell its shares as it had in the West Indies and other countries when its monopoly on the provision of telecoms services was removed. The group is also incensed that FINTEL has filed an injunction against the Commerce Commission’s determination on the costs of telecoms services. The association believes that FINTEL should become a locally owned company and that a larger share of its profits should be reinvested to benefit the people.