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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: ms.smartest.person who wrote (4081)12/9/2000 1:03:17 AM
From: ms.smartest.person  Read Replies (1) of 4541
 
C&W set to sell Mobile One stake
By Anne Young, Total Telecom

07 December 2000



Cable and Wireless plc has taken further steps towards selling off its 15% stake in Singapore-based mobile operator Mobile One (M1), according to Hong Kong daily iMail Thursday.

The paper said M1 chief executive Neil Montefiore confirmed that Cable & Wireless has contracted Merrill Lynch to advise it on the sale of the stake via a trade auction. The U.K.-based operator owns the M1 stake via its Great Eastern joint venture with Pacific Century CyberWorks (PCCW).

M1 has already appointed ABN Amro to advise it on the matter.

M1 is Singapore's second-largest cellular operator and has already confirmed its interest in bidding for a 3G license in the island state next year. The company has already provisionally signed up Finnish telecoms equipment vendor Nokia in an initial S$500 million deal for the infrastructure buildout.

Montefiore told a conference Wednesday that M1 also has ambitions to expand outside its domestic market, and is looking first to Malaysia where it already has a strong brand name.

The other 70% stake in M1 is owned by Keppel Telecoms & Transportation and Singapore Press Holdings. Both shareholders have links to Singapore's government, according to the iMail report.




totaltele.com
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