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• 10 / 19 / 2007

The National Executive authorized the creation of the Venezuelan-Cuban joint venture, Telecomunicaciones Gran Caribe S.A., aimed to install and operate a submarine wire that will link both nations.

The authorization was made through the decree Number 5,635, published in the official gazette 38,791 of Wednesday, October 17, 2007.

The social capital of the company will be 60% part of the CVG Telecommunications C.A. (which is a Venezuelan state-owned company), and 40% by the Cuban state-owned company Transbit S.A.

This new company will be attached to the Ministry of the Peoples Power for Telecommunications and Computer Science and it will work from Caracas with a branch office in Cuba and the possibility to set offices in any other state of the country.

Besides the set of the submarine wire between La Guaira, Venezuela, and Siboney, Cuba, Telecomunicaciones Gran Caribe will allow a direct commercialization of its capabilities and the provision of telecommunication services.

The Ministry of the Peoples Power for Telecommunications and Computer Science will make the required procedures to register the Constitutive Act and the social statutes of the joint venture.

Source: Mathaba.net