President Danny Faure received the new owners and board members of the group CWS Investment Limited, that have purchased the telecommunications company Cable & Wireless Seychelles (CWS), as well as its Chief Executive Officer, Mr Charles Hammond, at State House this morning.

The new owners under CWS Investment Ltd, include the JFA Group, Jamshed Pardiwalla, Ravji Raghwani and Andy Bainbridge, as well as Victoria-based professional services firm ACM, which represent the shareholders in the deal.

President Faure commended the Seychelles entrepreneurs for their courageous and bold decision for the country. He said that their action shows the trust that they have in Seychelles’ economy.

“The Government is pleased to see the confidence that the investors have shown in their local economy. The growth of CWS will translate into the economic empowerment of Seychellois through the creation of new jobs and broadening of ownership of this company,” said the President.

The meeting with the President centred on the months of planning and negotiations which have resulted in the new shareholding group purchasing Cable & Wireless Seychelles from Liberty Latin America in a transaction costing more than US $130 million, including the consideration price and acquisition costs.

The new owners also spoke about their new plans for the company and how they want to see it excel in the future. As the group is experienced individuals operating in different sectors, they hope to bring their experience in the strategic investment and support of the CWS.

Set up in 1893 as the Eastern and South African Telegraph Company, linking Seychelles to Zanzibar, Cable & Wireless Seychelles is one of the oldest telecommunications companies in the country.