Telecoms reform means a new name for Cable & Wireless Bermuda

29 Sep 2011

Bermudan newspaper The Royal Gazette quotes an official at the Ministry of Energy, Telecommunications and E-Commerce (METEC) as saying that incumbent telco Cable & Wireless Bermuda is set to reveal a new name for the company, as it gears up for the imminent overhaul of the country’s telecoms sector. The proposed reforms are expected to shake up the industry allowing the population finally to enjoy a so-called ‘one-stop-shop’ for telephony, internet and TV services in Bermuda. The long-awaited legislation could be introduced in the coming session of parliament, METEC said. ‘Once the redrafting is completed as a final draft they will be tabled, and the industry will be fully informed. The ministry is fully committed to introduce these Bills in the November session subject to cabinet approval,’ the regulator said. The rebranded Cable & Wireless will be one of the largest players in the market and could be reorganised to comprise a number of providers capable of offering triple-play and even quad-play services.

According to TeleGeography’s GlobalComms Database, in March this year Cable & Wireless Communications sold its fixed line business in Bermuda to The Bragg Group for USD70 million. The Bragg Group currently provides cable-based services in Canada under the banner EastLink, bundling cable TV, internet and telephone services. Cable & Wireless Communications also revealed that it plans to launch a share buyback programme of up to USD100 million in order to return capital to its shareholders.

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