Cable Television and telecommunications provider Cable Bahamas has announced access to greater financing that should boost expansion plans. Chairman Philip Keeping has entered into an agreement with the Canadian cable television and communications company Persona to sell his common shares in Columbus Communications for 2.8 million of its shares and some $10 million in cash. Columbus Communications owns 29.75% of the ordinary shares of Cable Bahamas.
A company spokesman confirmed that the deal provides an opportunity for Cable Bahamas to expand — much in line with Persona’s own plans. That company has announced that it has *”ambitious plans for expansion in the Caribbean”.* Mr. Keeping has said that the deal, subject to regulatory approvals, included a commitment to establish The Bahamas as a base for Persona’s regional expansion.
*”With Persona’s access to the capital markets, the guidance and experience of Mr. Keeping and the quality management team at Cable Bahamas, we feel we have a winning combination to build shareholder value”,* said Gary Kain, Chairman.
There are some 2,700 Bahamian shareholders of Cable Bahamas, with 51% of the company owned by the Bahamian public.