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Tuesday, September 02 2014 @ 12:16 AM EDT

Cable & Wireless In Closed Door Meeting With MEF Over Sale of Shares

Money MattersDeputy Minister of Finance, Mahesh C. Khemlani, met this morning behind closed doors with members of the Board of the telephone company Cable & Wireless. Before the meeting, Khemlani said the sale of state held shares in the company is not something to be done quickly, because first they will have to make an amendment to Law 5 of 1997. He added they will follow the same model approved for the sale of the shares held by the State in the electric utilities. Cable & Wireless entered the Panamanian market in 1997, after paying $652 million to the state to acquire a 49% stake in the former state owned telephone company INTEL, the other 49% is publicly owned, and the remaining 2% belongs to the workers. The Government of Panama announced it will sell almost half of its shares in the telephone company Cable & Wireless, a subsidiary of British firm of the same name, said an official source. (Panama America)

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