NewCo2015 Limited (NewCo) announced today that another highly qualified Bahamian has joined its management team.
Following both the Utilities Regulation and Competition Authority (URCA) & Cable Bahamas Ltd (CBL) press releases issued on Friday July 8th announcing the award of the second cellular license to NewCo2015 Limited (NewCo) and announcing Mr. Franklyn Butler as Chairman of NewCo, further announcements are made today regarding the appointments of CEO & CFO roles within NewCo.
Subject to financing and receiving Bahamian and US regulatory approvals, Cable Bahamas has entered into a purchase agreement with two privately owned telecommunications service providers (Marco Island Cable, Inc. and NuVu, LLC) based in southern Florida; and a term sheet for the acquisition of a telecommunications provider in Central Florida (Summit Broadband Inc.). All three companies are facilities-based telecommunications providers and will be interconnected with Cable Bahamas’ existing fibre-optic network.
The nation’s leading telecommunications provider confirms layoffs
Franklyn Butler II, CEO of the Cable Bahamas Group of Companies, delivered a poignant video address to his collective team of more than 700 staff, advising them of layoffs in response to the economic fallout caused by the COVID-19 global pandemic. Mr. Butler cited the closure of several major hotels as an indication of the economic times ahead and explained that the company had to make some difficult choices in the interest of its long-term survival.
Mr. Butler stated, “Today I wish to confirm that we have notified 76 associates from REV and another 20 in ALIV that they have been laid off. This has been a very difficult decision to make both for myself and the executive leadership team, but it is necessary in order for us to meet the demands of the business both now and in the future.”
REV has come to an agreement with SunCash to make payment processing easier for its subscribers
REV was among the majority of businesses in the country who were asked to close their retail outlets in keeping with the emergency protocols put in place by the Government in response to the COVID-19 pandemic. As a result, customers are no longer able to come in and make cash payments on their accounts.
Barry Malcom, SunCash Director praised the partnership saying, “Sun Island Transfers Limited or SunCash is very pleased to have concluded an agreement to partner with Cable Bahamas to provide services to their customers using the SunCash network. We’ve worked with Cable Bahamas for quite a while to come to a point at which, our customers can walk into our stores and pay bills for Cable Bahamas in real time on a great, reliable system. This relationship is part of a broader partnership we envision having with Cable Bahamas as more of our SunCash products are rolled out and as Cable Bahamas comes to see the speed, efficiency and viability of using Suncash for their customers.