Cable & Wireless: To Sell Stake In MobileOne

LONDON -(Dow Jones)- Cable and Wireless said Wednesday that its subsidiary Great Eastern Telecommunications Limited (GET) has signed a conditional agreement for the sale of its entire shareholding in MobileOne Limited (M1) for GBP87 million.

This sale represents approximately 12.1% of the issued and paid up capital of M1. GET is a joint venture between Cable & Wireless (51%) and PCCW Limited (49%).

The purchaser is SunShare Investments Ltd, a joint venture between TM International Sdn Bhd (a wholly owned subsidiary of Telekom Malaysia Berhad) and Khazanah Nasional Berhad.

Completion is conditional upon the Purchaser obtaining approval for the acquisition of the stake in M1 from The Infocomm Development Authority of Singapore, which is anticipated by the end of September.

The consideration will be S$2.20 per share being S$260.8 million in total (GBP87 million at the closing exchange rate on Aug. 16, 2005) of which Cable & Wireless is entitled to GBP44.4 million through its 51% holding in GET.

JPMorgan Cazenove acted as financial adviser to Cable & Wireless on this transaction.

(END) Dow Jones Newswires"

Posted to the site on 17th August 2005