Michael Lee-Chin’s Portland Investment Counsel Inc., to acquire additional stake in Columbus Communications

Michael Lee-Chin, Executive Chairman and CEO of Portland Investment Counsel Inc. PHOTO/Zuma Press/Newscom

Portland Investment Counsel Inc., an Investment Fund Manager, is in the process of acquiring additional shareholding in Columbus Communications – the parent company for the Caribbean regions’ Flow telecommunications network.

Portland Investment Counsel Inc., is and will remain a minority share holder in Columbus Communications – the acquisition of more shares will not provide it (Portland Investment Counsel Inc.) with a controlling stake in Columbus Communications.

Columbus Communications is currently valued at approximately US$1 billion.

Columbus Communications operates in some 25 territories in the Caribbean and Latin America. It earned US$194 million in operating profit (EBIDTA) from US$427 million in revenues in 2012.

Portland Investment Counsel Inc., insists that its investment in Columbus Communications does provide a growth potential based on expectations that global IP traffic would increase “threefold over the next five years” and that Internet penetration in the region is nearly half that of the developed world.

Read more: Jamaica Gleaner