British Telecommunications PLC
15 November 2001
November 15, 2001
BT COMPLETES SALE OF ITS INTEREST IN MAXIS COMMUNICATIONS
BT today announced the completion of the sale of its interest in Maxis
Communications in Malaysia.
BT has sold its 33.33 per cent stake in Maxis Communications Berhad to its
partner in Maxis, Usaha Tegas Sdn Bhd, for £350 million in cash. This follows
the recent completion of the sale of BT's 44 per cent stake in Bharti Cellular
Limited (BCL) in India to BCL's majority shareholder, Bharti Televentures Ltd,
for £114 million in cash.
The £350 million received from the sale of the stake in Maxis is being used to
reduce BT's net debt which stood at £16.5 billion at the end of September,
2001 having been reduced from a peak figure of £27.9 billion at March 31,
2001. The Board now expects net debt to be between £15 billion and £17 billion
for BT Group by March 31, 2002.
Sir Peter Bonfield, CEO of BT said: 'The completion of this asset sale is
another important step forward in our debt-reduction plan.'
Note to editors
BT purchased its stake in Maxis Communications Berhad (formerly Binariang Bhd)
in 1998 for around £280 million. The sale represents a return on the original
investment of 25 per cent. The company was set up in 1993 and has been
licensed to provide cellular, fixed and international telecommunications and
internet services.
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