CWC.L Share News (CWC)

Cable & Wireless Communications (CWC) has formed an agreement with the government of The Bahamas to set up a charitable foundation dedicated to investing in projects for the benefit of Bahamians, to be known as the BTC Foundation.The group said it will fund the foundation through a contribution of a 2% interest in the Bahamas Telecommunications Company (BTC), which will not carry any voting rights. CWC will continue to be the largest overall shareholder in BTC, and will also maintain management and board control of the business. Chief Executive of CWC Phil Bentley said: "We are pleased to have reached an agreement with the government to create the BTC Foundation. From the start of our partnership with the government three years ago, we have been proud for BTC to support good causes for the Bahamian people. "Establishing the BTC Foundation enables us to add significantly to the support we provide the community through investments in projects aimed at increasing and improving access to, and enjoyment of, telecommunications technology as well as other important civic projects." NR