British Telecommunications PLC
4 May 2001
May 4, 2001
BT TO SELL STAKE IN MAXIS COMMUNICATIONS IN MALAYSIA FOR £350 MILLION
BT today announced that it had agreed in principle to sell its 33.33 per cent
holding in Maxis Communications Berhad in Malaysia to its partner in Maxis,
Usaha Tegas Sdn Bhd, for £350 million in cash.
This follows the announcement on May 2 that BT had agreed to sell its
interests in Japan Telecom and J-Phone for £3.7 billion (£3.3 billion net) and
Airtel in Spain for £1.1 billion.
Sir Peter Bonfield, CEO of BT said: 'Today's announcement shows yet again our
determination to manage for value and is a further step forward in our
debt-reduction plan.'
The sale is subject to final documentation, regulatory and other approvals.
Note to editors
BT purchased its stake in Maxis Communications Berhad (formerly Binariang Bhd)
in 1998 for around £280 million. The sale represents an increase on the
original investment of 25 per cent.
Maxis Communications is a major Malaysian telecommunications group. It is
currently owned by BT, Usaha Tegas (UT) and its Malaysian associates - a
Malaysian government investment fund, Permodalan Nasional Berhad and MediaOne
Far East Telecommunications Inc. The company was set up in 1993 and has been
licensed to provide cellular, fixed, international and internet services.
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