Jamaican Technology Minister Dr Andrew Wheatley has confirmed that he has not yet issued approval for the sale of local 4G start-up Caricel, to South Africa-based Involution Limited. According to a report by the Jamaica Gleaner, the official has admitted that, while the management team of Caricel wrote to him last year indicating its intention to sell its shares, the matter was duly referred to the Office of Utilities Regulation (OUR). The latter has been charged with conducting an assessment regarding whether the new investor is a ‘fit and proper’ firm, but this has yet to take place.
As previously reported by TeleGeography’s CommsUpdate, Caricel was sold to Involution by its parent company Symbiote Investments earlier this month, under a sale agreement negotiated last October. In a statement regarding the transaction, Lowell Lawrence, director and CEO of Caricel, said that the company’s shareholders had chosen Involution because ‘it is a progressive and innovative investor who would be able to provide the best internet experience at reasonable prices’.
TeleGeography notes that Gustav Schoeman, who is listed as the chairman of Involution, currently acts as the CTO for South African LTE-A operator Rain (formerly Wireless Business Solutions, WBS).