Privatization of The Bahamas Telecommunications Company Enters Due Diligence Phase

Wed Oct 14, 2009 9:01am EDT

* Reuters is not responsible for the content in this press release.

Privatization of The Bahamas Telecommunications Company Enters Due Diligence
Phase





NASSAU, Bahamas, Oct. 14 /PRNewswire/ -- The Committee for the Privatization
of The Bahamas Telecommunications Company Ltd. ("BTC") announced today that
the privatization of BTC continues to progress with significant interest from
prospective parties.  Upon review of the pre-qualification packages submitted
in August, the Government of The Commonwealth of The Bahamas ("the
Government") has narrowed down the list of interested parties and has invited
a select group of potential buyers to participate in the Due Diligence Phase
of the privatization process.


The Due Diligence Phase will provide potential buyers with the opportunity to
review business, financial and legal information, as well as meet with key
executives prior to submitting an economic bid.  Due Diligence will be
conducted over the next several weeks and the deadline for bids is currently
expected to be the end of November.


Those who have been invited to this phase were selected by the Government
based on information submitted evidencing their suitability in accordance with
the required pre-qualification criteria. To comply with non-disclosure
agreements, the identity of parties invited to participate in the Due
Diligence Phase cannot be disclosed prior to the close of the transaction. 


    For further information:

    Investors:

    Mario Gutierrez
    Citigroup Global Markets Inc.
    (212) 816-7233
    mario.e.gutierrez@citi.com

    Media:

    Jim Olecki
    Weber Shandwick
    (212) 445-8052
    jolecki@webershandwick.com



SOURCE  The Committee for the Privatization of The Bahamas Telecommunications
Company Ltd.

Investors, Mario Gutierrez, Citigroup Global Markets Inc., +1-212-816-7233,
mario.e.gutierrez@citi.com; Media, Jim Olecki, Weber Shandwick,
+1-212-445-8052, jolecki@webershandwick.com
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