AT the start of 2009, Juan Carlos Navarro, then mayor of Panama City, presented the key to the city to Denis O’Brien, the Irish mobile phone tycoon. O’Brien’s Digicel had won a mobile licence in the Central American state and the key was recognition of Digicel’s “significant contribution to the future growth of the country”, Navarro said.

Whatever about Digicel’s contribution to the country, Panama would not make a significant contribution to Digicel. A filing by O’Brien’s company ahead of its planned stock market listing shows Panama as a rare stumble for a venture that has 13.6m customers in 31 markets.

Digicel Panama is a complex set-up, with Digicel Holdings Central America Limited (DHCAL) holding 70% and TTF Panama, owned by the local Bettsak family, holding 30%. DHCAL, in turn, is nearly 52% owned by O’Brien personally, with Digicel holding 45% and employees and management holding the balance.