The USD100 million preference share issue by Cable Bahamas was over subscribed on its first day, the Nassau Guardian reports, with the firm now committed to accepting additional funds raised. The offer has met with an enthusiastic response from high net-worth and institutional investors, as the cable TV and broadband provider looks to raise funds to boost its working capital.
Separately, Cable Bahamas has revealed that it is keen to secure the country’s second cellular licence, which the government is expected to award next year. Barry Williams, Cable Bahamas’ senior vice-president of finance, told local newspaper Tribune 242: ‘We’ve made no secret about it … We’re a Bahamian company, and think we should be in top spot to get the next cellular licence.’ The cableco, which is likely to face stiff competition in the auction from the likes of Digicel, says it is currently competing for just 45% of the Bahamas’ overall USD435 million communications market. BTC’s cellular monopoly gives it control of 55% of the sector, the cableco says, while the same firm accounts for a further 19% share through its fixed line and internet operations, leaving Cable Bahamas with the remaining 26%.