Cable & Wireless sells MobileOne stake

Troubled telecoms group Cable & Wireless [CW.L] (C&W) has raised SGD120 million from the sale of a 20% stake in Singapore mobile operator MobileOne. The disposal was via C&W’s 51%-owned subsidiary Great Eastern Telecommunications (GET) which sold 60% of its 30% stake in MobileOne for a total SGD235 million, retaining a 10% holding in the cellco. The disposal is part of a GBP800 million reorganisation by C&W, which was announced after the company reported a net loss of GBP4.54 billion for the six months to the end of September 2002. GET’s other shareholder, Hong Kong telco PCCW [0008.HK], will receive SGD115 million from the sale.