UTS ‘deal’ about $100M after debts and claims | THE DAILY HERALD

~ About $11.5M for St. Maarten ~

PHILIPSBURG–The entire United Telecommunications Services (UTS) “deal” with Cable and Wireless Communications’ parent company Liberty Latin America is “about” US $100 million after corrections made due to debts and claims, United St. Maarten Party (US Party) Member of Parliament (MP) Rolando Brison told Members of Parliament (MPs) on Wednesday.

Brison was at the time apprising MPs of an update he had received from authorities regarding the sale of the company. He had requested the information as he had been preparing his first initiative law – a draft national ordinance authorising the sale of UTS, which he presented during a meeting of the Central Committee of Parliament on Wednesday.

Part of the money for the UTS sale will remain in an escrow account in the United States – $10 million for six months and $30 million for two years – as collateral “for possible skeletons that might surface later.”

After the corrections, the part of the sale price for St. Maarten is estimated to be in the vicinity of $11.5 million or NAf. 20.7 million, Brison said.

Negotiations are still ongoing concerning one entity of the holding that was not sold (Data Planet, which is based in Curaçao), but this is expected to bring another $20 million, of which 12.5 per cent or NAf. 4.5 million will be for St. Maarten.

The St. Maarten shares will be sold in the Curaçao deal under the same conditions that Curaçao sells its shares.

“The sale is not being done straight to the buyer [Cable and Wireless Curaçao Holding BV – Ed.]; the shares are transferred to Curaçao and then voided.”

Brison said the buyer, has “made a gesture” of granting free Internet to schools and Philipsburg Jubilee Library for five years.

Brison presented his first initiative law during Wednesday’s meeting – a draft national ordinance authorising the sale of UTS (see related story).

St. Maarten holds 12.5 per cent shares in United Telecommunications Services (UTS), while Curaçao as majority shareholder holds 87.5 per cent. Curaçao has already completed the sale of its shares to Cable and Wireless Communications’ parent company.

Justice Minister Cornelius de Weever had said recently that the process to finalise the sale includes the approval of St. Maarten’s 2019 budget, as the sale has to be listed as income in the budget.

Source: The Daily Herald https://www.thedailyherald.sx/islands/88071-uts-deal-about-100m-after-debts-and-claims

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