Navona Communications Corporation Ltd. (Navona) has announced that they have acquired a 25 percent interest in PLD from a third party for US$39.95 million.

PLD is a Canadian firm listed on the NASDAQ Exchange in New York and on the Toronto Stock Exchange.

Navona acquired 550,055 common shares in PLD a little more than a fortnight ago, and a further 330,033 common shares at the end of March.

It was at that time that Navona,itself, was acquired by Cable and Wireless Investments Ltd. (a wholly-owned subsidiary of Cable and Wireless plc) for $39,953,000.

Cable & Wireless, with offices here and around the world, is a UK company listed on the stock exchanges of London, New York, Tokyo, Hong Kong and several European exchanges. It has an operating subsidiary in Bermuda.

PLD has a 59 per cent interest in Peterstar, which is the emerging second force telecommunications operator in St. Petersburg.

Through a subsidiary, PLD also has a 50 percent interest in BECET International, the holder of an exclusive cellular telephony licence for the Republic of Kazakhstan.

For Cable and Wireless, its investment in PLD will strengthen its presence in St. Petersburg, a vital market in the strategically important Baltic region and the Commonwealth of Independent States (CIS), key areas of the old Soviet empire.