CWC will sell Trinidad unit if it cannot secure a stake increase

9 Nov 2012

UK-based Cable & Wireless Communications (CWC) has stated that it will exit its Trinidadian subsidiary if it cannot secure a decision from the Caribbean country’s government on a proposal to increase its stake in Telecommunications Services of Trinidad & Tobago to a majority interest. CWC’s chief financial officer Tim Pennington told Dow Jones Newswires that the group recently appointed bankers to review its strategic options in Trinidad & Tobago, with the objective to up its stake from 49% to above 50%, but added that ‘if we can’t do this we will exit… We’d like to resolve the situation one way or another soon.’