CWC unlikely to control Trinidad & Tobago telco before elections

The bid launched by Cable & Wireless Communications (CWC) to acquire a majority stake in Trinidad & Tobago state-controlled telco TSTT is unlikely to make any progress until after elections next year, CEO Phil Bentley said in a conference call with investors.

CWC controls 49% of TSTT and the state has 51% through its holding company National Enterprises Limited (NEL). In recent years, both parties have disagreed over the company's direction and capital expenditure budget.

Following the release of its Q1 report, Bentley said that, even though the government is cooperating, issues with the workers union and general elections scheduled for May 2015 means a deal won't happen before that date.

Trinidad & Tobago is one of 15 regional markets where CWC has a partnership with the state.

In 2011, CWC acquired a 51% stake in the Bahamas Telecommunications Company (BTC), only to see a new administration come in and begin a campaign to recover control of the company. As a compromise CWC agreed to transfer a 2% economic interest to a charitable organization.

In Panama, CWC and the government have equal 49% shares in CWC Panama.