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[reuters] 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.

Privatization of The Bahamas Telecommunications Company Enters Due Diligence
Phase