Full service provider Cable Bahamas Limited (CBL) has raised USD14.6 million through a share sale on the Jamaican Stock Exchange, becoming the first Bahamian-owned company to list on the bourse. Whilst the operator did not provide any specific details regarding its plans for the funds, CBL entered the Bahamian mobile market via its Aliv unit in November last year (CBL holds a 48.25% stake in the cellco, but retains board and management control) and CEO Joh Gomez said at the listing ceremony that the company is expanding into the Caribbean region. Scotia Investments arranged the private listing with institutional investors. The sale comprised two issues of preference shares: 4,090 Series 11 8% fixed rate shares on the US dollar equities market, valued at USD1,000 per share; and 1,349 Series 11 8% indexed fixed rate shares on the Main Market, priced at JMD1 million (USD7,781) per share. The listings generated USD4.09 million and JMD1.35 billion respectively, for a combined total of around USD14.6 million. Both listings are due to mature on 30 June 2023.
In a related development, Bahamian incumbent Bahamas Telecommunications Company (BTC) has announced plans to invest BSD8.1 million (USD8.1 million) in improvements to its mobile network this year. In a press release from the company, its new VP for engineering and project management, Dr Jonathon Ford, commented: ‘We are working on new tower installations throughout New Providence, Grand Bahama and Abaco. We expect to have these installed and operational, to satisfy the demands of the summer period. I’m calling it our “summer of more”, more of what our customers are asking for, we are BTC and we are limitless.’ BTC has also lined up ‘extensive coverage improvements’ at the cruise ship port in New Providence, Lynden Pindling International Airport and the Atlantis resort. Dr Ford added that the company is also set to launch a new application, ‘BTC Weather’ to help customers with hurricane awareness, preparation and updates during storms.