Cable & Wireless executes sale of SingTel shares

The UK telecoms group has raised $782 million from the sale of shares received as part payment for SingTel''s acquisition of C&W Optus.

Jackie Horne

September 25, 2001

A block of 834.912 million SingTel shares held by Cable & Wireless has been priced at $0.9366 (S$1.6411), a 3.5% discount to Friday's S$1.70 close. Trading of the shares on the Singapore Stock Exchange this Monday has also represented the final stage of an unusual placement process put together by lead manager Merrill Lynch.

In what marks a first for Asia, the lead pre-placed the entire block with an undisclosed institutional investor back in June, subject to a number of conditionalities attached to the acquisition, which formally closed on September 17 with a 97% acceptance rate. This meant that the investor, heavily rumoured to be the US-based Capital group, bore all market risk for SingTel's share price between placement on June 15 and pricing on September 24.

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