13th Jul 2005 06:00
AnnouncementCable & Wireless completes sale of Sakhalin entities to Vimpel-Communications Cable and Wireless plc ("Cable & Wireless") announces today, 13 July 2005, thecompletion of the sale of its 61.4% interest in Closed Joint Stock Company"Sakhalin Telecom Mobile" ("STM") and its participation interest of 60.0% inLimited Liability Company "Joint Venture "Sakhalin Telecom Limited" ("ST") toOpen Joint Stock Company "Vimpel-Communications".As at 31 March 2005, the net assets of STM and ST were, in aggregate, ‚£7.7million. Consideration, inclusive of the repayment of a loan from Cable &Wireless of US$2.2 million, was US$44 million (‚£25 million at yesterday'sexchange rate). The consideration, excluding loan repayment, was paid in cashon completion. The loan from Cable & Wireless will be repaid in full withinseventy days of completion. The disposals are not material to the consolidatedgroup accounts of Cable and Wireless and the Group's other operations in Russiaare unaffected by the disposals.STM operates a GSM mobile phone network on the island of Sakhalin in the FarEast Federal District of the Russian Federation. ST is a fixed line operator inSakhalin whose services comprise international voice, national andinternational private leased circuits, equipment supply and Internet services.Contacts:Investor Relations:Louise BreenDirector, Investor RelationsTel: +44 20 7315 4460Craig ThorntonManager, Investor RelationsTel: +44 20 7315 6225Virginia PorterVP, Investor Relations and Assoc. General CounselTel: +44 20 7315 4046Media:Lesley SmithGroup Director Corporate and Public AffairsTel: +44 (0)1344 726945Steve DoubleGroup Head of Media CommunicationsTel: +44 (0)1344 726946Mob: +44 (0)7917 067580Cable & Wireless press officeTel: 01344 818888About Cable & WirelessCable & Wireless is one of the world's leading international communicationscompanies. It provides fixed and mobile voice, data, IP (Internet Protocol) andbroadband services to business and residential customers, as well as servicesto other telecoms carriers, mobile operators and providers of content,applications and internet services.Cable & Wireless' principal operations are in the United Kingdom, theCaribbean, Panama, Macau and Monaco. For more information about Cable &Wireless, go to www.cw.com .ENDCable & Wireless PLCRelated Shares:
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