Batelco’s deal to buy Cable & Wireless fails |07 December 2013

The Ministry of Land Use and Housing has confirmed that it has not given approval for Batelco International Group Holding Limited to buy out Cable & Wireless (Seychelles).

In a press communiqué, the ministry said the government of Seychelles has not granted sanction under the Immovable Property (Transfer Restriction) Act to Batelco International Group Holding Limited (a Bahraini entity), to acquire shares in CWIG Limited and indirectly ownership of Cable & Wireless (Seychelles) Limited.
 
The ministry has further clarified that the decision of the government of Seychelles has been taken in the national interest.  
 
CWIG Ltd is the holding company of Cable & Wireless (Seychelles) Ltd and its subsidiaries which own several immovable properties in Seychelles.  Consequently under Section 12 of the Immovable Property (Transfer Restriction) Act, any transfer of shares in CWIG Ltd, the holding company of Cable & Wireless (Seychelles) Ltd, requires sanction from the Minister of Land Use and Housing.