Cable & Wireless to sell about two-thirds of M1 stake

SINGAPORE-Cable & Wireless subsidiary Great Eastern Telecommunications Ltd. plans to sell between 57 percent and 66 percent of its 30-percent holding in MobileOne Ltd. (M1), as part of Cable & Wireless’ initial public offering of M1.

GET expects proceeds between $134 million and $155 million from the sale and expects the IPO to be completed Dec. 4.

The IPO has been about twice subscribed, with shares selling for about 75 cents each.