BT COMPLETES SALE OF 51% STAKE IN ACCEL FRONTLINE

RNS Number : 8736L

BT Group PLC

05 August 2011

 



BT completes sale of its 51% stake in Accel Frontline Limited

BT announces that it has completed the sale of its 51% shareholding (11,478,488 shares) in Accel Frontline Limited ("AFL"), a company listed on the Indian stock exchanges, to Accel Limited, Accel Frontline Services Limited and Accel Systems Group, Inc. for total gross cash proceeds of c. INR 499m (c. £6.9m†) at INR 43.50 per share.

BT took ownership of 42% of AFL through the acquisition in 2008 of Singapore-based Frontline Technologies Corporation Limited and at the same time purchased an additional 9% to take its shareholding to 51%.

Following this sale, BT no longer has a shareholding in AFL. We consider this shareholding to be non-core to BT's strategy in the Asia Pacific region. However, India is, and remains, a key market for BT.

†Based on INR:Pound sterling exchange rate of 72.0907:1.00

About BT

BT is one of the world's leading providers of communications services and solutions, serving customers in more than 170 countries.  Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to our customers for use at home, at work and on the move; broadband and internet products and services and converged fixed/mobile products and services.  BT consists principally of four lines of business: BT Global Services, BT Retail, BT Wholesale and Openreach.

In the year ended 31 March 2011, BT Group's revenue was £20,076m with profit before taxation of £1,717m.

British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group.  BT Group plc is listed on stock exchanges in London and New York. 

For more information, visit www.btplc.com

 

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