Fonseca Reserves Comment on BTL-Speednet Deal
Minister of Education Francis Fonseca saying he wants an official Cabinet briefing before he weighs in publicly on the proposed BTL-Speednet deal.
“What I know so far is just what has been reported in the media. I expect that at our next Cabinet meeting we will receive a briefing on the matter. So I will reserve my public comments until we have received a briefing on the matter.”
Fonseca did acknowledge the questions swirling around the deal, including concerns raised by union leaders about inconsistent valuation figures and how SSB’s representative on the BTL board, Annisa Perdomo, actually voted.
The minister’s comments come after BTL’s board voted eight to two to approve the company’s proposed eighty-million-dollar acquisition of Speednet Communications Limited. The decision has triggered immediate backlash from labor leaders who say the deal was rushed through without genuine public consultation.
“Obviously, there are legitimate concerns and questions that remain, and my expectation is that as a government we will respond appropriately and respectfully to those concerns and questions that have been raised.”
But he stopped short of addressing any of it directly, repeating that he would wait for official information before commenting further. “I have no official information except what has been reported. When we get a proper briefing in Cabinet, then I’ll be able to respond to those questions. But I will reserve any further public comments until I get proper information in Cabinet.”
On Tuesday, directors approved the proposed purchase of one hundred percent of Speednet’s issued share capital, a deal BTL has called a bold investment in the country’s digital future. The company argues the acquisition would cut down on duplicated telecom infrastructure and free up resources for technology upgrades, rural connectivity, and service reliability. BTL has also said it will not borrow money for the purchase and that SSB will not be asked to put in additional funds.
The deal is not yet final. A completed Share Purchase Agreement still needs to return to BTL’s board for another round of review and approval.