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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  CABLE & WIRELESS COM       

CABLE & WIRELESS COM

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Cable and Wireless Communications Plc : Disposal of Algerian satellite business

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10/14/2013 | 02:55am EDT
Cable & Wireless Communications PLC

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14 October 2013

CABLE & WIRELESS COMMUNICATIONS PLC

DISPOSAL OF ALGERIAN SATELLITE BUSINESS

Cable & Wireless Communications Plc ("CWC" or the "Group") today announces that its subsidiary Monaco Telecom SAM ("Monaco Telecom") has agreed to sell its Algerian satellite communication business Divona SpA ("Divona") to Smart Link Com SpA, of Algeria, for a total consideration of US$1.4 million on a cash free and debt free basis.

Proceeds from the sale will be used for general working capital purposes. The transaction will not have a material impact on the Group. The consideration will be satisfied in cash and assumed debt and is subject to certain adjustments for working capital and transition costs.

The transaction is subject to customary regulatory approvals by the relevant authorities in Algeria.

Notes:

1)  As at 31 December 2012, the gross assets and net assets of Divona were US$14 million and US$2 million respectively.  In the financial year ended 31 December 2012, Divona generated a profit before tax of US$3.0 million before exceptional gains and US$8.8 million after exceptional gains.  CWC's interest in Divona is held through its stake in Monaco Telecom.

About Cable & Wireless Communications

Cable & Wireless Communications is a full-service communications business. We operate leading communications businesses offering mobile, broadband and domestic and international fixed line services in most of our markets as well as pay TV, data centre and hosting, carrier and managed service solutions. Our operations are focused on providing our customers - consumers, businesses, governments - with world-class service. We are the market leader in most products we offer and territories we serve. For more information visit www.cwc.com.

Contacts:

Cable & Wireless Communications

Media


Lachlan Johnston

+44(0) 20 7315 4006/ +44 (0) 7800 021 405

Steve Smith

+44(0) 20 7315 4070/ +44 (0) 7785 778 375

Investors


Kunal Patel

+44(0) 20 7315 4083

Mike Gittins

+44(0) 20 7742 4000


This information is provided by RNS
The company news service from the London Stock Exchange
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Inge Smidts Chief Executive Officer
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