Cable & Wireless completes sale of Monaco & Islands division

Cable & Wireless Communications (CWC) has completed the sale of its Monaco & Islands division as part of its plan to scale back its geographic footprint and focus on its core operations.

The group earned $601m in cash after it received the required consents and approvals for the sale. This was in addition to $31m of the proportionate share of net cash in the disposed business.

The division, which was bought by Batelco Group, consisted of CWC's businesses in the Maldives, the Channel Islands and the Isle of Man, the South Atlantic and Diego Garcia.

The group added that it had not yet received regulatory approval for the transfer of its business in the Seychelles.

CWC's share price dipped 0.24% to 42.19p by 13:12 on Wednesday.

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