17th Aug 2005 10:01
Cable & Wireless announces the proposed sale of its stake in MobileOne Limited to TM International Sdn Bhd (a wholly owned subsidiary of Telekom Malaysia Berhad) and Khazanah Nasional Berhad Cable and Wireless plc ("Cable & Wireless") announces today, 17 August 2005,that its subsidiary Great Eastern Telecommunications Limited ("GET") has signeda conditional agreement for the sale of its entire shareholding in MobileOneLimited ("M1") representing approximately 12.1% of the issued and paid upcapital of M1. GET is a joint venture between Cable & Wireless (51%) and PCCWLimited (49%).The purchaser is SunShare Investments Ltd (the "Purchaser"), a joint venturebetween TM International Sdn Bhd (a wholly owned subsidiary of Telekom MalaysiaBerhad) and Khazanah Nasional Berhad.Completion is conditional upon the Purchaser obtaining approval for theacquisition of the stake in M1 from The Infocomm Development Authority ofSingapore, which is anticipated by the end of September.The consideration will be S$2.20 per share being S$260.8 million in total (‚£87million at the closing exchange rate on 16 August 2005) of which Cable &Wireless is entitled to ‚£44.4 million through its 51% holding in GET.JPMorgan Cazenove acted as financial adviser to Cable & Wireless on thistransaction.Contacts:Investor Relations:Louise BreenDirector, Investor RelationsTel: +44 (0)20 7315 4460Craig ThorntonManager, Investor RelationsTel: +44 (0)20 7315 6225Virginia PorterVP, Investor Relations and Assoc. General CounselTel: +1 212 239 3581Media: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 .About M1M1 is a mobile communications provider in Singapore offering a full range ofmobile voice and data communications services as well as international callservices to both mobile and fixed line customers. Cable & Wireless PLCRelated Shares:
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