Basseterre, St. Kitts – Nevis
Septemeber 25, 2007 (CUOPM)
The Government of St. Kitts and Nevis has sold its 17 percent share holding in Cable & Wireless (St. Kitts & Nevis) Limited with the agreement that five percent of those shares be sold to residents of the twin-island Federation.
“After extensive negotiations, they (C&W) agreed that they would not exercise their right of first refusal in respect of some 1,661,538 shares of the 5,649,230 shares held by the Government. In other words they were prepared give up their contractual rights in order to allow the Government to offer just under 30% of its shares (or 5% more of the total issued share capital of the company) to the people of St. Kitts and Nevis,” said Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas.
Speaking at a signing ceremony on Friday, the St. Kitts and Nevis leader noted that the two-year negotiations were meticulous and tireless “to obtain the best possible deal for our people.”