14th Oct 2013 07:32
LONDON (Alliance News) - Cable & Wireless Communications PLC said Monday that its subsidiary Monaco Telecom SAM will sell its Algerian satellite communication business Divona SpA to Smart Link Com SpA.
Total consideration will be USD1.4 million on a cash-free and debt-free basis. Payment will be in cash and assumed debt.
The sale proceeds will be used for working capital purposes, Cable & Wireless said. It said the transaction will not have a material impact on its results. Divona had a pretax profit of USD3.0 million as of December 31, 2012.
Shares in the Cable & Wireless were trading up 0.29 pence at 41.11 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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