The Seychelles’ government has announced that it is putting conditions on the acquisition of Cable & Wireless by Liberty Global to protect local customers.
Jean-Paul Adam, Seychelles Finance Minister, says the government feels that local customers should be protected, hence the conditions.
One of the conditions that Seychelles, a group of 115 islands in the Indian Ocean, is requiring of Liberty Global, is that the company maintain investment levels in its infrastructure.
The government has also requested Liberty Global to make 30 per cent of Cable and Wireless (Seychelles) available for local investors through the Seychelles’ Stock Exchange.
Adam said this would allow continued local participation in this strategic sector and ensure that money made is not repatriated overseas but that some remains in the local market.
Liberty Global bought Cable & Wireless Communications for US$7.4 billion.
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