C&W sells off mobile operator

.

CABLE & WIRELESS yesterday moved closer to reaching its target of raising pounds 1bn from disposals when it sold its 25 per cent stake in a South African mobile phone operator for pounds 257m The move takes the total raised to pounds 960m - in line with the strategy outlined last year by Dick Brown, C&W's chief executive, of selling businesses where the company does not have management control C&W is selling 74 per cent of its holding in Mobile Telephone Networks Holdings to Johnnies Industrial Corporation, the investment group The remaining 26 per cent will be sold to Transnet, an existing shareholder in MTN