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Cable & Wireless Communications offloads Algerian unit

Mon, 14th Oct 2013 07:34

Cable & Wireless Communications has sold its Algerian satellite business for 1.4m dollars as it continues its strategic slimming down of the business. The FTSE 250 group said the transaction will not have a material impact on the group and the proceeds will be used for general working capital purposes. CWC set out to complete a number of strategic disposals at its demerger from Cable & Wireless Worldwide (CWW) to create a "regionally focused, full service telecommunications operator centred on the growth markets of pan-America".Last year it agreed to offload its Monaco & Islands and Macau businesses.Monday's deal was satisfied in cash and assumed debt and is subject to certain adjustments for working capital and transition costs.The Algerian satellite communications unit, called Divona, made $3.0m profit before tax before exceptional gains in 2012 and has gross assets and net assets of $14m and $2m respectively.CWC's subsidiary Monaco Telecom offloaded the business to Smart Link Com of Algeria for a total of $1.4m on a cash free and debt free basis.OH