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May 23, 1997updated 05 Sep 2016 12:10pm

C&W TO TAKE 49% OF PANAMANIAN NATIONAL PHONE COMPANY

By CBR Staff Writer

Cable and Wireless Plc is to take a 49% stake in the Panamanian national telephone company Intel, for $652m and will have management and operational control in the company. Intel made profits of $153m on revenue of $246m last year. Meanwhile, Cable & Wireless is saying that it is open to offers for its 30% stake in Russian telecommunications firm Petersburg Long Distance Inc, listed on the Toronto stock exchange, which has had its head on the block for some time (CI No 2,896).

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