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National Grid skips out of Latin quarter
Arriba! Arriba! Andale! Andale! YEEHAH!

By Julian Goldsmith

Published: Wednesday 21 November 2001

The UK power transmission utility, National Grid, has written down its Latin American telecoms holdings to the tune of £290m as it refocuses on its core business.

The company is selling off its stake in Argentinian telco Silica Networks, while further funding is being sought for its joint telecoms venture in Brazil, Intelig.

Speaking to The Times, chairman James Ross said: "The general economic conditions in the region are clearly not helpful. We have taken a conservative view and have fully written down the carrying value of our Latin American telecom investments."