Technology Minister not formally advised of Digicel's proposed changes

 

Technology Minister Daryl Vaz says he has not yet been formally advised of proposed changes to Digicel's structure.

 

Addressing the meeting of the Standing Finance Committee of Parliament on Thursday, Mr. Vaz said he may need to call Digicel to a meeting to get a clearer understanding of what is happening. 

 

"I got a telephone call during the week before the announcement came out to say that announcement would come out. I have not received anything formal, but based on what I read in the papers this morning in relation to the fact that a significant part of the shares will be transferred, then of course, it is my duty to do the due diligence," he told the committee. 

 

On Wednesday, Digicel indicated that shareholders are nearing a deal to clear $1.8 billion off its debt.

 

The deal, to be forged with bondholders owed by the company, would also see Digicel's founder Denis O'Brien, lose his majority stake.