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Gov’t says TSTT’s decision to purchase Massy was not premature

Public Utilities Minister Fitzgerald Hinds says  due diligence was observed before state owned TSTT decided to purchase Massy Communications for an estimated 255 million dollars.

Speaking in the parliament , Minister Hinds said cabinet was informed of the company’s strategic five year plan and was satisfied with it.

He added that TSTT also sought the approval of the Finance Minister to borrow 1.9 billion dollars to fund this plan and was issued with a letter of non-objection by the Finance Ministry on October 14th 2016 which granted approval.

Minister Hinds pointed out that the move will also result in several benefits for the companies, citizens and the country.

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