MEDIA RELEASE: A Consortium led by local Cook Island investors have submitted on 9th May 2014 a formal Expression of Interest to Telecom New Zealand and local lawyer Tim Arnold for the purchase of the issued shares owned by Telecom NZ, equating to 60% of Telecom Cook Islands Limited. The Expression of Interest was submitted by the Consortiums primary representatives for the local investors, Brian Baudinet and the current Executive Management team of Telecom Cook Islands Limited, in association with Pacific regional telecommunications provider, Bluesky. The Expression of Interest detailed the consortiums commitment to satisfy all the terms that were publicised in the recent Cook Islands News advertisement that called for local interest to match an offer from Digicel to purchase the shares of Telecom New Zealand in Telecom Cook Islands Limited for NZ$23 million. The consortium emerged from local discussions that reflected mutual interests of its partners to match the Telecom New Zealand share offer with a localised bid, while also securing equity for the TCI Management team to ensure the local management and staff retain the running of the company plus the security of their jobs. Further input and guidance was sought and invited from Bluesky, a regional Pacific telecommunications operator who could provide network management support for TCI and partner with our consortium. Brian Baudinet commented “We set about to find a successful regional telecommunications provider who had experience in privatising a state owned telecommunications entity. That provider needed to have Pacific Island values and was open to working with Cook Islanders as partners shareholders who share a history and vision for technical innovation, and who could provide supportive expertise and new services for the Cook Islands. Bluesky - who operate telecommunication and multimedia companies in American Samoa and Samoa - meet all of the above categories. Bluesky has been very successful in turning around the financial performance of operator SamoaTel (now Bluesky Samoa) since the purchase of the corporation from the Government of Samoa in 2011, which also saw the setup of 25% shareholding in Bluesky Samoa to the people of Samoa investing via the Unit Trust of Samoa (utos.ws). The Management team of Telecom Cook Islands have had a long relationship with Bluesky and over the years have shared resources and expertise to benefit both companies. Its a really good fit for the Cook Islands and will ensure there will be a pathway to develop locally grown skilled staff and still benefit from the support of a successful established international partner. The Consortium looks forward to progressing discussions with Telecom New Zealand and the Government of the Cook Islands.
Posted on: Mon, 12 May 2014 03:54:33 +0000
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