"Cable and Wireless Seychelles Sale Goes Flop!"
LONDON (Alliance News) - Communications business Cable & Wireless Communications PLC Monday said that it has agreed with Bahrain-based telecommunications company Batelco, to unwind its shareholding in Compagnie Monegasque de Communication SAM.
Earlier this month, C&W Communications said that it was considering options for its Seychelles business after the sale to Batelco Group fell through because it did not receive the necessary approvals.
It had completed a deal to sell the majority of its operations within its Monaco & Islands division, including in the Maldives, the Channel Islands and Isle of Man, South Atlantic, Diego Garcia and the Seychelles, for USD580 million on a cash and debt free basis earlier in the year. It had delayed the sale of the Seychelles in August, setting a new December deadline, because it had not received regulatory approval.
Cable & Wireless Communications said that it now has re-paid Batelco the USD100 million it paid for the Islands division disposal, and Batelco has re-transferred the 25% shareholding in Compagnie Monegasque de Communication SAM to Cable & Wireless.
The group said that all options arrangements between the two parties in relation to Compagnie Monegasque de Communication SAM have been terminated.
Shares in the company were up 2.1% Monday afternoon at 57.45 pence per share.
By Rowena Harris-Doughty; email@example.com; @rharrisdoughty