Investors are now actively being sought for the 49% stake in Trinidad & Tobago’s incumbent PSTN operator Telecommunications Services of Trinidad & Tobago (TSTT) – currently held by Cable and Wireless Communications (CWC) – with bids expected by December this year.
The development was confirmed to the T&T Guardian by Chris Seecheran, the CEO of the Telecommunications Authority of T&T (TATT), who noted: ‘CWC and National Enterprises Ltd (NEL), on behalf of the government, have appointed financial advisors who are working with them in order to put together [a] prospectus in order to attract a suitable investor into TSTT … The current schedule is that by December or thereabouts they should have received proposals which hopefully could then be reviewed. Early into the new year we will see a way forward in terms of identifying a potential investor … The process has started and it is going well from what we understand.’ He added that there were no longer any CWC directors on TSTT’s board, meaning that the two companies were now separate from an operational standpoint.
As previously reported by TeleGeography’s CommsUpdate, in March 2015 UK-based CWC confirmed that it would offload its 49% stake in TSTT within 18 months in order to comply with conditions placed on its planned takeover of triple-play operator Columbus Communications (Flow) by the TATT. TSTT is currently owned by the government of Trinidad and Tobago, via holding company NEL (51%), and CWC (49%).