30th Oct 2013 15:06
LONDON (Alliance News) - Cable and Wireless Communications PLC said Wednesday that its Panama business has paid USD100 million to secure a 20-year mobile licence agreement on several large blocks of radio spectrum, allowing it to further grow its mobile data services in the country.
The agreement, running from October 24, 2017 to October 24, 2037, was approved by the Cabinet Council of Panama late Tuesday.
Under the deal, Cable and Wireless Panama will have retained access to two radio spectrums, additional access to the 1900 megahertz radio spectrum, and will get 20 megahertz of the country's currently unused 700 megahertz band that will opened up in 2014 and has been designated for mobile services.
The latter is a lower level frequency, the company says is ideal for transmitting mobile data over long distances.
Cable & Wireless said it will pay for the licenses using existing cash reserves.
Shares in Cable and Wireless were trading up 2.7% at 45.42 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
Copyright 2013 Alliance News Limited. All Rights Reserved.
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