WestStar in agreement with outside company to sell majority stock
WestStar has confirmed that it has entered into an agreement with an outside company to sell a majority of its stock. It is important to note that prior to consummation of this agreement regulatory approval must be obtained. While we are not in a position to release specific details, we can say there will not be any staffing changes or operational changes as a result of the sale. The company investing in WestStar will be injecting resources to encourage growth and boost projects already underway such as the fiber to the home (FTTH) network build-out.
WestStar TV Vice President, Jeremy Elmas says, “The company we have reached an agreement with is known for investing in solid organisations to which they can provide strategic and financial assistance; their network of partners also gives us access to resources that may not have been readily available to us in the past.”
In March 21st we headlined a story WESTSTAR: “NO SALE” where we said: “Mystery surrounds the $80 million sale of WestStar TV, Cayman’s only cable-TV operator, to a US company controlled by global telecommunications expert Robert Taylor.
“iNews Cayman has seen the 10-page application to subscribe to shares in the acquiring company, Cayman Taylor Cable Holdings, and a 13-page investment prospectus for the acquisition.”
Chairman and CEO of WestStar TV, Rodney “Rod” Hansen, however, immediately denied the company had been sold or was in the process of being sold, and called the story “a fabrication”.
You can read the original story at:
http://www.ieyenews.com/2012/03/weststar-no-sale/
