Bermuda-based KeyTech to acquire WestTel
(The Royal Gazette): KeyTech Ltd. is set to acquire a 33 percent stake in Cayman-based WestTel Ltd. giving it complete control of the company, it was revealed yesterday. WestStar TV Ltd, the sister company of telecommunications provider WestTel Ltd. has agreed to transfer its remaining shares in the company to KeyTech, pending approval by the country’s Information, Communication and Technology Authority. KeyTech already owns 67 per cent of the shares in WestTel and following the completion of the transaction would hold all of the company’s shares. KeyTech plans to expand WestTel’s fibre-optic cable network in Cayman.
A general commercial notice posted in the Cayman Islands gazette in May noted: "As part of this application, WestTel also requested an amendment to…its ICT licence in order to delete the requirement that at least 25 per cent of its equity be held by Caymanians."
Category: Business
The Westel service has been totally useless from day one. Anyone who would buy such a useless enterprise must either have no sense at all or get their money from under the carpet.
Whatever happens I cant wait to drop my service which is a total waste of money.
I, along with many others, trust that the acquistion will now mena better service with quality programming and reduced prices.
The service currently offered by Weststar is pathetic, dis-graceful and un-reliable.
To whoever the new owners will be- please ensure that you offer better service all around.
It sounds like KeyTech is simply buying out WestStar’s remaining shares in WestTel (after the 25%+ Caymanian ownership requirement was dropped), thereby taking 100% control of WestTel. WestTel provides internet services, they’re the onesthat ripped up a bunch of roads a few months ago to lay fibre-optic cables.
WestStar, however, will continue with the same ownership and management and continue to provide absolutely atrocious service. Most unfortunate.