Cable & Wireless Communications Discloses Unwind of Monaco disposal pact with Bahrain communications group Batelco
- Agreed with Batelco to unwind the previous transfer of a 25% shareholding in Compagnie Monegasque de Communication SAM ("CMC") from CWC to Batelco. CWC has re-paid to Batelco the US$100 million paid by Batelco to CWC upon completion of the Islands disposal and Batelco has re-transferred to CWC the 25% shareholding in CMC. All option arrangements between CWC and Batelco in relation to CMC have terminated.
***Reminder: On Dec 3rd, there were reports that CWC would sell Monaco and Islands unit for $680M in cash to Batelco, with option for another $345M