By Will Sturgeon, 26 September 2001 08:55
NEWS Cable & Wireless has raised $772m from the sale of shares in Singapore Telecom. The company gained the shares from the sale of its Australian business, Cable & Wireless Optus. The Optus takeover has to date raised around $1.9bn in cash for C&W, which has further Singapore Telecom shares and bonds that it can sell to take the total value of the deal well over $2bn. Analysts predict C&W's cash pile will total around $5.4bn by the end of its fiscal year in March 2002. Last week C&W announced its second consecutive profit warning..
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