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November 18, 2009

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Cable and Wireless details split plan

DETAILS of telecommunication company Cable and Wireless's plan to split itself into two companies by March 31 were released yesterday.

The company also launched a convertible bond issue of 200 million pounds (US$340 million) to support the new Worldwide company.

Worldwide will provide corporate and carrier services, earning most of its revenue in the UK.

The other new company, CWI, will offer mobile and fixed-line services in 33 countries. Cable and Wireless shareholders will get one share in each of the new companies for each share in the current company.

Cable and Wireless shares were up 2.3 percent at 141.5 pence in midday trading on the London Stock Exchange.



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