CWC.L Share News (CWC)

Telecoms group Cable & Wireless Communications has sold its stake in Monaco Telecom to French entrepreneur Xavier Neil for 445m dollars.The British group, which has sold a string of businesses outside its primary focus of Central America, initially agreed to sell its stake to telecoms group Bahrain Batelco, but the deal collapsed last year.After completing the sale, CWC will generate all its revenues from the Caribbean and Latin America. The disposal is expected to reduce borrowings and boost "strategic and financial flexibility."CWC has sold businesses in Macau, Bermuda, the Maldives and a series of islands including Jersey, Guernsey, the Isle of Man and others.The firm has legal consent to sell its stake and said completion depends on approval from CWC investors.Chief Executive Phil Bentley, who was previously the boss of British Gas, said: "Over 10 years under our management and in partnership with the principality, we have enhanced the services available to the residents and businesses of Monaco and achieved good returns. "However, as we concentrate our business on the Caribbean and Latin America, we have taken this opportunity to crystallise the value we have created. "Our Miami hub is now operational and with our balance sheet strength, we intend to use the funds received to pursue growth opportunities in our core region."As of 11:24, the share price had risen 0.86% to 53p.WS