H. John Winn, III
January 7, 2003, Wilmington, Delaware, - SCANA Communications Holdings, Inc., a wholly owned, indirect subsidiary of SCANA Corporation (NYSE: SCG), announced today that during the fourth quarter of 2002 it sold all of its remaining ordinary shares of Deutsche Telekom AG (NYSE: DT; FSE: DTE). The sale of approximately 18.3 million ordinary shares was completed at a weighted average price of approximately $12.62 (US) per share through a series of market transactions that were executed on behalf of SCANA Communications Holdings by Dresdner Kleinwort Wasserstein.
"The sale of these shares is consistent with our previously announced plan to dispose of this investment over the next 12-24 months," said Kevin Marsh, SCANA’s senior vice president and chief financial officer. "The transactions resulted in net after-tax cash proceeds of approximately $188 million which, as previously disclosed, will be used to reduce outstanding debt associated with our non-regulated activities at the holding company.”
As previously disclosed, at September 30, 2002, SCANA Communications Holdings had a book basis of $14.09 per Deutsche Telekom ordinary share. Based on the recently completed sale of the 18.3 million shares, the company will record a non-cash, non-recurring after-tax charge of approximately $18 million, or 17 cents per SCANA share, in the fourth quarter of 2002 related to these transactions.
SCANA Communications Holdings, Inc., a Delaware-based corporation, is an indirect, wholly owned subsidiary of SCANA Corporation. SCANA Corporation, a Fortune 500 company headquartered in Columbia, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations, telecommunications and other energy-related businesses. Information about SCANA and its businesses is available on the Company’s website at www.scana.com.