UK-based Cable & Wireless Communications (CWC) is looking to review its business operations in Monaco after failing to sell its stake in Monaco Telecom to Bahrain Telecommunications Co (Batelco), Dow Jones Newswires reports. Caribbean-focused telecommunications company CWC said yesterday it will buy back a quarter of its 55% holding in Monaco Telecom that it sold to Batelco for USD100 million this year in what was envisaged to be the first stage of the disposal of its entire holding. ‘We couldn’t get there in the end; it was just too complicated,’ CWC’s outgoing chief executive Tony Rice told the news agency, referring to the company’s proposed disposal of its Monaco operation to Batelco.
Although the group is still ‘happy’ to be active in the Principality in the short term, Mr Rice confirmed that Monaco does not fit in with CWC’s long-term strategy to grow its business in the Caribbean and Latin America. Monaco currently accounts for about 13% of the group’s revenue. The 45% of Monaco Telecom not owned by CWC is held by a company controlled by the Principality’s government.