Acquisition of Cable and Wireless by Liberty Global |24 May 2016

Seychelles government underlines sanction requirements

The government of Seychelles has established certain conditions following  Liberty Global’s purchase of Cable and Wireless Seychelles, as part of its acquisition of Cable and Wireless’ entire global operations announced last week.

The government has outlined the conditions of sanction for the transaction in line with the laws of Seychelles. These conditions include the settlement of the sanction duty applicable on the transaction based on the valuation of the company and the regularisation of all outstanding taxes.

The government has also insisted on the payment of the appropriate compensations and benefits to all staff members in accordance with Seychelles laws.

The government is also impressing on Liberty Global the importance of maintaining investment levels in its infrastructure which is of critical commercial and strategic importance for the development of the country, and in ensuring that consumers are provided with affordable and accessible telecommunications and internet options.  This also includes possible investment in a second fibre optic cable to ensure the Information Communication Technologies (ICT) security of the country.

Finally, in accordance with government’s desire to promote local participation in strategic sectors of the economy, the government has also requested that Liberty Global makes 30% of Cable and Wireless Seychelles available for local investors through the Seychelles Stock Exchange.

The government looks forward to successfully concluding the sanction process with Liberty Global.