Cable Bahamas Limited

What it is

Founded in March 1995, Cable Bahamas started as a cable-TV operator and grew into the Bahamas’ first provider of bundled internet, TV, and phone — what the industry calls “triple play.” Today it delivers residential and corporate broadband internet, cable television, and fixed-line calling to 99% of the Bahamian population, around the clock.

In 2015 the company acquired a mobile licence, and in 2016 it launched ALIV — a separate mobile unit. The board of Cable Bahamas Limited governs both its subsidiaries: REV (the fixed-line and cable brand) and ALIV (the mobile brand).

Who owns it

The company is publicly listed on BISX with over 2,200 Bahamian shareholders, making it one of the more widely held stocks on the exchange. It describes itself as the only 100% Bahamian-owned communications provider.

The ownership structure of ALIV — the mobile subsidiary — is more complex. Cable Bahamas holds 48.25% of Be Aliv Limited’s ordinary shares and retains management and board control; the remaining 51.75% is held by HoldingCo2015 Limited, a special-purpose vehicle wholly owned by the Government of The Bahamas.

Who runs it

The group is led by Franklyn A. Butler II, its Group CEO and President — the first Bahamian to hold that role.

The board, seated in Nassau, lists Ross McDonald as Chairman; other directors include Gowon Bowe, Gary Kain, Michelle Merrel, and Sean McWeeney Jr., with Franklyn Butler serving additionally as Executive Vice-Chairman.

The money, in plain words

Revenue hit BSD $242 million (= US $242 million) in the year to June 2024, a 5% rise on the prior year. The company took in more money than ever — but still reported a loss, because it is writing down the value of old infrastructure as it replaces it.

Cable Bahamas recorded a net loss attributable to shareholders of $9.8 million for FY2024, reversing a $4.9 million profit the year before; the cause was heavy depreciation on fibre assets and shareholder financing arrangements. Operating cash flow — the actual cash the business generated before investment — remained robust at $80.8 million.

That gap between a paper loss and healthy cash generation is the key tension to watch.

Mobile revenue — the fastest-growing line — rose 9% to $109 million, driven by prepaid subscriber growth. Shareholders received dividends of $2.6 million in total, or six cents per share, during the year.

The group carried roughly $341 million of debt in bonds and preference shares, at an average interest cost of 7%.

What it is doing now

The defining project is AlivFibr, a fibre-to-the-home rollout across New Providence; by the end of FY2024 it had passed 88,000 homes and connected 10,000, spending $70 million of the planned $85 million total. The company is simultaneously planning an upgrade to 5G mobile.

After the fiscal year closed, ALIV raised $120 million in new preference shares to replace existing debt, extend maturities, and provide $60 million in fresh capital for investment and working capital. In May 2026, Cable Bahamas became the first Bahamian company to achieve the top E-Leaf sustainability certification — a signal of its push to anchor a broader corporate identity beyond connectivity alone.

What to watch

• Depreciation drag vs. cash flow: The paper loss is real, but cash from operations at $80.8 million suggests the underlying business remains sound; the question is when fibre write-downs peak and the net margin turns positive again.
• ALIV’s debt burden: $341 million in debt at a 7% average cost is a heavy load on a $242 million revenue base; the new $120 million preference-share refinancing buys time but adds to the preference-dividend stack.
• Government as ALIV co-owner: The Bahamian Government, through HoldingCo2015, holds 51.75% of ALIV’s ordinary shares, meaning any regulatory or policy change in Nassau lands directly on the subsidiary’s capital structure.
• 5G timing: The network currently runs at 4.5G LTE; moving to 5G will demand another capex wave on top of the fibre spend still in progress.

This is news, not investment advice.