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.

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...

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