INTRODUCTION

 

Mr. Speaker,

I am the final speaker for the Opposition in this historic debate.

I stand in support of all members who have declared their opposition to the sale of 51% of the shares of BTC to Cable and Wireless.

We believe that the majority of the people of the Bahamas are opposed to this sale and are deeply troubled by the Government’s resolve to sell controlling interest in BTC when it is not necessary to do so.

The Bahamian people would be aware of the fact that both the PLP and the FNM had made similar commitments to privatization.

The Bahamian people know that the Prime Minister up to recent times acknowledged that he would not sell the majority of shares to a foreign group.

It seems that up to the time of this latest privatization exercise with Cable and Wireless the Prime Minister was against selling 51% of BTC’s shares to any foreign Group.

His commitment was exceptionally strong you have heard his now infamous statement “I will never never ever sell the majority of shares to a foreign entity.”

And he made this statement when he accessing the PLP of having tried to sell BTC to Cable and Wireless.

Anyone who has observed the PM over the years must be very curious as to why he with his absolute promise of I will never never ever sale would change his mind.

The Prime Minister informed the nation that he changed his mind. Let’s examine why -

I find it difficult to accept that explanation in the absence of clear evidence of change by Cable and Wireless. The principle of ownership and effective control cannot be overridden by some perceived change in Cable & Wireless.

This explanation too is difficult to accept. Especially as there is precedent of Cable and Wireless accepting such a proposition in Trinidad and Tobago when they own 49%. Cable and Wireless was being beaten up throughout the region - why with the protection of a management contract they wouldn’t have accepted 49%.

They would have jumped for it.

I could see the Government being influenced by the implications of a spiraling debt.

But not to the unnecessary extent of surrendering the 2% to give 51% to Cable and Wireless.

I happen to believe that this was the position of the FNM from the time of their election to office in 2007.

The records of the FNM’s Privatization Committee would confirm that Mr. Tim Donaldson the Chairman of the Committee would have advised the Blue Water Group early in 2008 that the Government wanted to sell more than 50% of BTC.

Mr. Speaker,

Having acknowledged the changing position of the FNM let me also acknowledge that the PLP changed its position also.

We continued in our determination to oppose the sale of 51% of BTC to Cable and Wireless but we also determined that we should make a greater commitment to the aspirations of our people to as much as possible control or significantly influence their own destiny.

That as a political organization our belief in our people’s ability to perform at the highest level should guide us in our decisions to enable them to have the opportunities as Bahamians to own and to achieve in their own country.

Mr. Speaker when we reviewed our own experience in our five years of Governance and the achievements of BTC we were satisfied that we were right in supporting the proposition that the Bank of the Bahamas should be seen as a model enterprise for a privatized BTC.

We resisted all efforts to move to the privatization of the Lynden Pindling International Airport and ensured that there was a path for increasing Bahamian involvement in management.

Mr. Speaker,

Let us look at BTC through the eyes of my Government

Mr. Speaker:

I rise as the representative of the good people of Farm Road to let the government know that we are against the sale of BTC to Cable & Wireless.

When the PLP became the Government in 2002, in the name of good governance we did not stop, review or cancel what the previous administration had been in the process of doing relative to the privatization of BaTelCo. Rather, we committed ourselves to continue the course that had thus been set, believing, as we did then that continuity is generally the best guarantor of political stability and investor confidence.

By September 4th 2002, just five short months after taking office, we had already enacted legislation for the metamorphosis of BaTelCo, a statutory corporation into what is now known as BTC, a domestic company with limited liability and a share capital. We also caused the ownership and control of BaTelCo to be vested in the new BTC.

At that time, we were seeking to divest the Government of The Bahamas of 49% percent of the shares of BTC – not 51%, only 49%. The difference, then as now, is absolutely crucial. With 51% you are the majority owner and ultimately in control. With 49% on the other hand, you are in the minority with all the usual disadvantages and drawbacks.

Further, the record is clear for all to see: we were ready to go to market and privatize BTC within six months of becoming the Government. However, even then we remained publicly committed to a sale of a minority interest in BTC only. The majority would simply have to remain with the government on behalf of the Bahamian people.

Let us not forget as we go through the historical narrative that the FNM had been working on the privatization of Batelco from 1998, that is, for four years before we were elected to succeed them in government.

At any rate, Mr. Speaker, we essentially signed on to continue the privatization initiative of the FNM Government Policy. However, we noted that they had intended to privatize to a Foreign Strategic Partner implying thereby that "Bahamians need not apply."

My government realized that it could not exclude Bahamians from this vital process and so it removed this restrictive clause. This resulted in Bahamians partnering with each other and an international telecom company so as to bid for the 49% stake in BTC.

Unlike the FNM, the PLP always believed in Bahamianization.

I was struck dumb when I heard the Member for North Abaco at an FNM Prayer Breakfast held in Grand Bahama said that "Zhivargo reminded me that Bahamians like to "Front."

How is it that when Bahamians partner with a foreign investor it is viewed as fronting?

On the other hand, how is it that when the Government partners with a foreign investor it is considered Strategic Partnership? I don't understand this distinction. It is disingenuous. It is also unfair, and an insult to the Bahamian people.

How is it that in this third attempt of the Privatization of BTC, Members Opposite continue to say no Bahamians applied but the Prime Minister at The Bahamas Outlook Conference in January 2011 said "the Guardian wants to buy up every dam thing?"

The BTC Privatization Process under the PLP

Mr Speaker:

When the PLP went to market in 2002-2003 and bids were received, all three companies that were short listed were either led by a Bahamian or had a Bahamian equity component.

The Government appointed a Commission led by the then Financial Secretary Mrs. Ruth Millar and including the then Chairman of BTC Mr. Reno Brown, the then President & CEO of BTC Mr. Michael J. Symonette, The then COO of BTC Mr. Leon Williams, the CFO of BTC, Mr. Winston Millett, the VP Legal & Regulatory of BTC, Ms Felicity Johnson, Legal Counsel from the Ministry of Finance Mrs. Rowena Bethel, Attorney from the Attorney General's office Ms Bonaby, Mr. Claude Hanna President of BCPMU, Mr. Robert Farquaharson President BCPMU, Mr. Strachan and later on Senior VP of BTC Northern Bahamas Mr. Kirk Griffin were added.

After months of negotiations with BahamaTel and BlueTel, the Commission recommended to the Government that the process should be postponed for a later day. The rationale being: - The price being offered ($130 Million and variations of pricing structures) was unacceptable - The Market was a Buyer's Market and not a Seller's Market - The bubble had just burst on the Dot Com industry - The Telecom industry was in a meltdown and Telcos were being sold cents on the dollar. - And the sale price of $130 Million would be considered a fire sale notwithstanding the valuation of Deutshe Bank, advisors to the Government At every stage of the privatization process under my government, the Chairman made Public Statements and Press Releases and posted them on the Government Website so that Bahamians would be informed.

It was a transparent process in signal contrast to what is happening right now on the FNM’s watch. We learned that the Government was entertaining bids with a dead line of August 2010. We never hear anything since until there were rumors that the Government was dealing with Cable and Wireless. No mention of short listings who the Bidders were; why were they not accepted; nothing.

Mr. Speaker

When the recommendation of the Commission was made to my Cabinet, we accepted it, relying on the expertise of the Bahamians because we did not want to have a Fire-sale.

On receiving the recommendation, I immediately addressed the BTC members of the Commission and asked them to make a recommendation to the Government of The Bahamas on the way forward as to how to improve the Company so as to get a better price.

After my charge, the BTC Executives along with the two Union Presidents spent a few days creating a new Vision Statement, a new Mission Statement, and a SWOT Analysis of BTC and of the market with market trends.

All the staff at management level was called in to review, add, delete and revise the "Way Forward" Plan. Then the line staff was called in to refine it even further.

The "Way Forward" was presented up and down the strata of BTC by the Executives and the Union Executives, acting in harmony and with common purpose

The Financial Secretary provided some guidance to the process as well.

After a few weeks, the BTC Executive Members returned to Cabinet along with the other members of the Commission to present their "Way Forward."

As per the recommendation of the "Way Forward" Plan, the Ministry of Finance sourced a Consulting Firm JPJ Coursemark to assist the BTC Management in re-engineering the company. We later found out that a stage was reached that they could no longer help and we were receiving diminishing returns. So we let them go.

Mister Speaker

That is how the PLP operated, by listening to the Bahamian experts in the field, most especially the people in BTC itself. It has been proven to me that BTC staff knows what the problems are and how to fix those problems. All we need to do is allow them to do it.

State of BTC in 2002

Mr. Speaker

I wish now to talk a little about the condition of BTC when the PLP became the Government in 2002.

The TDMA cellular network was nearing overloaded with 90,000 customers growing exponentially on a network designed for 120,000 customers.

The cellular network was not widely available. Indeed there were only 60 cell sites at the time. Many islands and many settlements were without Cellular services altogether. Therefore businessmen, visitors and officers of the Government visiting our islands, Cays and Settlements were, for the most part, cut off from the outside world unless or until they returned to New Providence.

The Microwave Radio Links that connected the Family Islands back to the hub in Nassau were also perennially congested, technologically obsolete and subject to frequent systems-failures, chronically isolating islands, sometimes for days, creating even more hardship and inconvenience for the consumer.

When there was a hurricane, these islands were sometimes isolated for lengthy periods. This is what happened in 2001 when Hurricane Michelle destroyed the Microwave tower at Highbourn’s Cay in the Exuma resulting in all the Islands south of New Providence being cut off for days.

The $400 Million Resort Emerald Bay built in Exuma was unsure how it would be connected to the outside world and was seeking to put in its own Satellite Links. More than 70% of the cellular calls offered to the network in Exuma failed.

There were no Fiber Optic cables connecting New Providence, to Eleuthera, Exuma, Ragged Island, Inagua, Mayguana, San Salvador, Rum Cay, Crooked Island, Cat Island, Abaco, Andros and Grand Bahama in a Ring Topology.

There was no fiber optic Cable connecting The Bahamas to Haiti a country of 10.8 Million Residents.

There was no Fiber Optic Cable connecting Bimini to Grand Bahama. Sometimes Bimini residents would be without Telecommunications for days when there was catastrophic failure of the now discontinued Tropospheric Scatter Radio System.

Mr. Speaker

There was no GSM Cellular Service with GPRS and EDGE to make your Blackberries work so that you can sit in this Honourable House and receive your emails.

There was no 3G CDMA cellular service to accommodate Visitors to our country using Sprint, Verizon or any other CDMA customers once they got here.

Bahamian cellular phones could roam only in fifteen countries/ networks.

There was no Wi-Fi in this House of Assembly or in The Cabinet office where you could use your laptop to surf the Internet.

There was no Video Conferencing Network at the Royal Bahamas Police Headquarters where the Commissioner of Police can have his weekly briefings and include senior officers from Six Islands on a Video Conferencing Network.

There was no Police Trunking Network to allow the Commissioner of Police or his officers to communicate simultaneously with officers on multiple islands.

When the PLP became the Government in 2002 BaTelCo did not have a Call Centre.

When the PLP became the Government BaTelCo did not have a National Operational Control Centre (NOCC) that can monitor its entire network from a single location.

I am told that Cable & Wireless does not have one as sophisticated as BTC's in the Caribbean and that they were awed when they saw BTC’s NOCC.

When the PLP became the Government there was no DSL and the only provider of high speed Internet in the country was Cable Bahamas charging $99 per month for service.

BTC introduced DSL at $34.99 per month and within a month Cable Bahamas reduced its prices from $99.00 per month to $34.95 per month.

When the PLP became the Government, BaTelCo did not have a Voice over IP (VoIP) offering the VIBE. This product allows BTC to compete with the virtual unlicensed operators like Vonage and reduce the cost of long distance calls to Bahamians. It allows Bahamians to take their VIBE modem with them anywhere they travel and allows family and friends to call them wherever they are and have an Internet connection for free.

It helps to reduce the telecommunications cost of our students and citizens living abroad.

When the PLP became the Government the pundits were saying that BaTelCo could not withstand the onslaught of Call Back Operators, Call Re-originating Operators and VoIP operators.

BaTelCo saw its Long Distance Revenues drop from $103 Million in 2000 to $27 Million in 2008 but it survived the odds of the pundits through creativity, innovation and reengineering.

Mr. Speaker

When the PLP became the government in May 2002, the Audited Financial Statements showed that there was $4.47 Million in BaTelCo accounts.

Let me say that again for the record. The PLP met $4.47 Million in BaTelCo accounts.

For all intents and purposes, BTC was essentially broke.

By contrast, when the FNM came to power in May 2007, they met $135 plus Million in BTC's accounts. $135 plus million dollars versus the $4.47 Million they left in place in 2002. Imagine that!

The PLP started with $4.47 Million, the FNM will allow Cable & Wireless to start with $15 Million in the Bank.

When the PLP became the Government in 2002 there were 90,000 Cellular Customers and 60 TDMA cell-sites in The Bahamas.

When the FNM came to office in 2007 there were 296,000 plus Cellular customers and 242 plus GSM cell sites, 62 TDMA Cell sites and 21 CDMA cell sites. This is what the FNM inherited from the outgoing PLP administration.

When the PLP came to office in 2002 there were 15 Cellular Roaming Agreements in place.

When the FNM came to office there were over 140 Cellular Roaming Agreements in place.

When the PLP became the Government in 2002 the cost of International Long Distance Calls was $1.09 per minute. When the FNM came back to office in 2007 they met International Long Distance calls reduced by 70% and Domestic Long Distance calls reduced by 55%.

Now all of a sudden I hear we want to sell BTC because Cellular Rates will go down?

When we were in office and we thought the rates were too high, BTC reduced them. We did not wait for someone foreign to come and reduce rates.

When the PLP came to office in 2002 there were no DSL or VIBE customers.

When the FNM came to office in 2007 there were over 19,000 DSL customers.

Mr. Speaker

All this happened at BTC in five years under the PLP and I will tell you why:

Firstly, because the PLP consulted with the Bahamians at BTC and asked them what they needed to fix BTC.

Secondly, we provided the staff at BTC with the tools and resources they needed.

Thirdly, we did not interfere. We empowered them to do the job they were ably qualified to do.

Fourthly, we believed that Bahamians could run a profitable Telecommunications Organization in a competitive space.

Fifthly, it was because of our love, faith in and respect for the Bahamian People.

In 2001 BaTelCo Management presented to the FNM Government, a plan to build a fiber optic submarine cable to connect six islands of The Bahamas.

The FNM said No!!

BaTelCo Management in 2001 presented to this FNM Government who has no respect for Bahamian talent, a plan to build a GSM cellular network.

The FNM said no!!!

It would seem to me when it comes to Bahamians, the FNM is a party of “No!”

Mr. Speaker

I know what I am talking about because the BTC Management presented the same plans to the PLP government in 2002 and the same Privatization Consultants (Deutsch Bank) that advised the FNM to say No also advised the PLP to say No!

But we disregarded the advice of No from the foreign consultants in the same manner in which we disregarded their Valuation of BTC 49% Share at $130 Million.

The PLP listened to the Bahamian experts at BTC and said “Yes you can.”

Because the FNM said No, Bahamians had to endure a moratorium on cellular services for one year starting in January 2003.

No one could get a cellular phone in the Bahamas for one whole year because the FNM said No.

What a shame.

Because the FNM said No to the plans for the fiber optic submarine cable to Exuma, the $400 Million Emerald Bay Resort had little or limited Telecommunications contact to the outside world.

Because the FNM said No to the fiber cable, BTC had to pay Cable Bahamas $330,000 per year to take its Telecommunications traffic to Eleuthera from 2001 to 2006.

Mr. Speaker:

During the five year term of the PLP, BTC spent over $353 Million to improve Telecommunications in this little country of ours. That is 50% of the $600 Million that Cable & Wireless CEO stated last year they will spend in the Caribbean over the next five years on Capital Development.

When BTC approached me and my Cabinet Colleagues about building the Cable to six islands, I asked them about Rum Cay, San Salvador, and Ragged Island. They told me there would be no return on investment and to build to those Islands was not a financially viable venture. I asked if the residents in San Salvador, Mayaguana, and Rum Cay could get DSL and GSM without the Fiber Cable. The answer was probably not.

In my heart of hearts, I reckoned, I was Prime Minister of The Bahamas not just Nassau, Freeport and Abaco. I considered it unfair for Citizens in New Providence to have a GSM phone, a TDMA phone high speed Internet and be the “connected elite” while the Bahamian citizen in Mayguana, Rum Cay and San Salvador are marginalized.

While students in Nassau are using the Internet to study for their BGCSE Exams, the students in Red Bays Andros who are sitting the same exams have no access to the Internet for research. That cannot be right.

We therefore instructed BTC to “fiberize” the islands. We cared about people and honestly felt that our citizens should not be marginalized by geography when it came to accessing the full range of telecommunications services.

We knew we had a nation to build that included all Bahamians from all walks of life and from every settlement, cay and island of this archipelagic nation.

Mr. Speaker

As I stated before, BTC gave us : • a first class 2 1/2 G GSM Cellular network with over 140 Roaming Agreements, • a 3G CDMA Cellular Network for our visitors, • DSL high speed Internet, • Free Wi-Fi at College of The Bahamas, Dupuch Law School, the Nassau, Freeport and Exuma airports, • built a Wi-Fi network that covers from East Street and Bay Street all the way to Sandals in Cable Beach, • free Internet services to our High Schools, the VIBE, Cyberworld shops and • they outsourced the Phone Cards to Bahamians.

Mr. Speaker:

When the PLP left office in 2007, the work of replacing the digital Telephone Network with a NGN Next Generation Network the latest in technology had already started.

BTC had already submitted plans for IPTV. BTC had already made provisions for revenues from IPTV for as early as 2008.

BTC had made plans for acquiring a Neutral Hotel (NAP) in Haiti to accommodate the Telecom Providers like Digicel, Ccom, HaiTel so that they would not have to be at the mercy of Teleco d' Haiti.

Building a submarine cable to Haiti was in the works by companies such as AT&T and TCCN for more than 20 years. There was a bet in the industry, I am advised, that BTC could never build the cable to Haiti. But the skillful negotiations of Bahamians got the job done on time and in budget.

When Tyco (the Company) contracted to build the cable to Haiti had difficulties going to Haiti to complete the Cable, a BTC Team led by Mr. Charles Rolle and Engineers like James Woodside went to Haiti and completed the Cable.

When the PLP was the government, BTC was engaged in favorable negotiations with ETECSA the Cuban Government owned Telecom provider to build a Fiber Optic submarine cable from Cuba to The Bahamas. Cuba has a population of 12 Million and cellular subscribers of over one million but at the time had no fiber optic connecting it to the outside world. Cuba was still connecting via satellite.

Sadly, however, the Plans that BTC had that were approved under the PLP all became victims of the diseased "Stop Review and Cancel" Policy of this FNM Government.

BlueWater

Mr Speaker

I would like to read a quote .

"Now I understand more clearly why they didn't want us to win... more clearly. While we were out here campaigning they were busily engaged in the Cabinet Office agreeing to sell BaTelCo secretly and they were telling BaTelCo workers during the Campaign that Ingraham was going to sell BaTelCo and you would lose your job.

“Well they agree to sell BaTelCo last week. But don't be concerned; we will review every line of the deal. And there is no circumstance under which BaTelCo can be sold on credit. No deal about installment payments. All monies up front. And you must say what you ga do after you get it. It must be clearly stated. And you gotta demonstrate you got the money, the means, the Technology to do it. Otherwise no deal. I say that for the benefit of all those who now believe they got a deal done."

So said the Member for North Abaco at a Mass Rally in 2007.

While I may have been tolerant of that remark at Rallies in 2007, for the Member of North Abaco and even more, for the Prime Minister, to continue to play fast and loose with the truth and to ignore the true facts cannot be permitted to go unchallenged.

The Member for North Abaco has access to documents from the Cabinet Office that will show that I wrote and stated that I was not prepared to sell BTC just prior to the Elections and that I would leave that task until after the Elections to either whomever would lead the next government.

Now I understand why they have adopted a new slogan "A return to Trust" because for four years the FNM have deceived the Bahamian People and broken their trust in not revealing the true facts concerning the abortive sale of a minority interest in BTC to Bluewater.

In any case, there are some important questions, the Government needs to answer, not the least of which is this : if Bluewater does not exist or is just a corporate shell, to whom did the FNM pay $1.9 Million of the Taxpayers' money to get out of the deal – and why?

But let me pause here to interject this : an unheard of “no telecom-experience” company, came to the Caribbean, specifically, Jamaica 10 years ago. It brought a Cellular license from the Jamaican Government to compete with a giant; a company that had a monopoly; a company that had a track record of 130 years. This monopoly was established in 35 former British colonies with assets in the Billions of Dollars as your records show.

And this untried, untested company Digicel has eaten Cable & Wireless for breakfast, lunch and Dinner in Jamaica.

Jamaica has a population of 2.8 Million. Digicel has 2.1 Million Cellular customers while Cable & Wireless has just 775,000 Customers.

Claro which is owned by Carlos Slim, the richest man on the planet according to Forbes magazine, came to Jamaica three years ago and overtook Cable & Wireless in 2010.

To make matters worse for Cable & Wireless, on 12 March 2011 last week Digicel brought Claro.

Mr Speaker:

I said all that to say this. If Bluewater had brought BTC it would have operated BTC as a stand alone.

Downsizing would not have been in the conversation.

Bluewater’s plans were to build on BTC's accomplishments in Haiti and turn BTC into a regional player.

If Digicel with 10 years experience could beat Cable & Wireless with 140 years’ experience; If Digicel with 11.5 Million customers worldwide could beat Claro whose parent company has 225 Million customers worldwide and is owned by the richest man on the planet what makes you think that BTC could not go regional?

If Cable Bahamas can build submarine cables from Jamaica to the Dominican Republic, Columbia to Miami, Trinidad to Curacao why would you doubt BTC's success in going Regional?

If Cable Bahamas can establish cable/Internet companies (FLOW) in Barbados, Trinidad, Grenada, and Jamaica what about BTC?

Mr Speaker:

While I am on the Bluewater Matter permit me to address this foolishness that the PLP was selling BTC and leaving $130 Million in the Bank so that the net price would have been $130 Million.

The valuation of BTC was based – as indeed it should have been, on multiples of EBITDA, not book value or equity.

Do you think for one minute that the Privatization Commission headed by the same Financial Secretary Mrs. Ruth Millar an outstanding Bahamian Patriot who recommended to me in 2003 not to sell for the price of $130 Million would then turn around and recommend four years later that we sell for net $130 Million?

That, to me, is inconceivable and completely implausible.

Mister Speaker

From what I have seen in the Business Plan of C&W, from what I have heard about their modus operandii I can not see how anyone can seriously suggest that this deal will be a good fit for The Bahamas

Mr. Speaker :

I want to make cite the remarks of two Caribbean Prime Ministers which are, I think, of great relevance to this debate.

The first is from the Prime Minister of Belize spoken in August 2009 to the Belize Parliament:

“Mr. Speaker, Belize Telecommunications Limited was incorporated in 1987 during the first UDP administration. At that time the purpose was to Belizeanize telecommunications, replacing the control of the foreign entity Cable and Wireless with a national company.

Telecommunications uses the airwaves as its medium. But these airwaves constitute a God-given natural resource of Belize, just like our sun, our sea, our rivers, our forests. These things together help to make up the patrimony of the Belizean people and the exploitation of that patrimony must always be consistent with the interests of Belizeans.”

The Second quote is from an Address to the Nation of St Lucia on Cable and Wireless By the then Prime Minister the Hon. Dr. Kenny D. Anthony (Sunday, February 18th 2001) when Cable and Wireless threatened the Government by suggesting they were prepared to leave St Lucia if the government liberalized the sector. Mister Speaker

It reminds me of their $100 Million Exit Clause in this deal if the Government liberalizes before the three year period.

And I quote from Dr. Anthony’s remarks as follows:

“I would like to say to the employees of Cable and Wireless that the government is very aware of your concerns. I urge you to be strong in the face of threats, rumour and innuendo. I want you to realize that you are now fully competent to take over the running of the telecommunications industry in St. Lucia. Your competence is the direct result of the policy of this and previous governments, which pleaded with Cable and Wireless to employ more locals in the running of the industry. Today, there is only one non-national at the managerial level employed with your Company in St. Lucia. I may add too, that there are St. Lucians abroad who have both the technical and managerial capabilities to run telecommunications companies such as Cable & Wireless”.

What was said about Cable in Wireless in Belize and St. Lucia should have been taken by the Government here as a serious indicator that it would not be in the national interest of The Bahamas to do business with them, much less sell them the majority interest in BTC – at a fire sale price, moreover!

Mr. Speaker:

I conclude my contribution by reading into the record the previously stated position of my Party and my own position as the Member for Farm Road on the matter that we are now debating:

I repeat: the PLP is opposed to the sale of BTC to Cable and Wireless. We call on the government to cease and desist.

The PLP will upon coming to office move to regain the majority shares forthwith from Cable and Wireless if the sale goes through.

The PLP believes in a share owning democracy and will sell shares in BTC in tranches to the Bahamian people. The PLP will allow competition and will liberalize the telecommunications market.

That is the PLP’s policy. That is the issue. We urge the FNM to stick to the issues.