C&W unit sells part of M1

  • Business
  • Wednesday, 15 Jan 2003

A SUBSIDIARY of Britain’s Cable & Wireless plc (C&W) has sold an 18% stake in Singapore mobile phone group MobileOne Ltd (M1) for a net S$235mil. 

C&W's 51%-owned unit Great Eastern Telecommunications Ltd (GET) had offered to sell up to 66% of its 30% stake in M1 when the latter was floated as Singapore’s second largest cellular operator in early December. This sale represents 60% of that 30% stake. 

C&W said its share of the sale proceeds was around S$120mil. GET’s other shareholder, Hong Kong’s PCCW-HKT Ltd, would receive the balance. – Reuters  

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