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C&W Comms pays $100 mln to extend Panama mobile licence

Reuters - UK Focus

LONDON, Oct (KOSDAQ: 039200.KQ - news) 30 (Reuters) - Cable & Wireless Communications (LSE: CWC.L - news) has paid $100 million to Panama's government to extend its mobile licence by 20 years, allowing the British telecoms firm to continue growing its mobile data services footprint in the country.

Panama is one of Cable & Wireless's main markets since the company decided to sell its assets in Macau and Monaco as part of a new strategy to focus on the pan-American region.

The company said on Wednesday the agreement, which will run from 2017 to 2037, will allow it access to several large blocks of Panama's radio spectrum. It said the payment for the licence agreement will be made from existing cash resources.

"In securing our long term future this agreement cements our position and ensures we can remain and grow as the best data provider in Panama," CWC's Chief Executive Tony Rice said.