Cable and Wireless plc, Britain's second biggest telecoms group yesterday sold its only major stake in a satellite operator for about £160 million sterling (£178 million) and said more disposals could be in the pipeline.
Cable & Wireless said it would make a pre-tax profit of about £87 million from the sale of its 28.7 per cent stake in AsiaSat to Luxembourg-based satellite group SES and AsiaSat shareholder China International Investment and Trust.
AsiaSat, or Asia Satellite Telecommunications Holdings Ltd, provides satellite transponder capacity in Asia and is listed on the Hong Kong and New York stock exchanges.
C&W, which will use the cash to cut debt, said it remained fully committed to developing its presence and expanding its customer base in Hong Kong and Asia Pacific despite economic volatility.
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