Published:Wednesday | March 23, 2016

Garfield Sinclair, managing director of Cable & Wireless Jamaica/FLOW Jamaica.

Cable & Wireless Jamaica (C&WJ), which trades as FLOW, will pay out nearly $3 billion as pension surplus to be divided equally between members of the superannuation fund and the company.

It will be one of the largest pension payouts in years for telecom workers and also for a locally listed company.

C&WJ will utilise the windfall to fund its capital-intensive projects.

“Trustees have agreed to distribute $3 billion of an approximate $5-billion surplus,” said C&WJ/FLOW Jamaica Managing Director Garfield Sinclair in response to Wednesday Business queries.

C&WJ, which offers landline, Internet, mobile and cable services, underwent a series of restructuring over the medium term – including the merger with the local triple play operations of Flow – which resulted in a reduction of it’s telecom’s staff complement. Cable and Wireless dropped its old brand, LIME, and rebranded to new FLOW after the merger.

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