Cable & Wireless in talks to sell controlling stake in Macau's telecoms unit to Citic Telecom
17 Oct 2012
UK telecommunications company Cable & Wireless Communications Plc (CWC) is in advanced talks to sell its controlling stake in Macau's largest telecoms group, CTM, for as much as $650 million to Citic Telecom International Holdings, the Financial Times yesterday reported, citing people with knowledge of the situation.
London-based CWC owns a 51-per cent stake in CTM, Macau's leading provider of mobile, fixed-line and broadband services, and the only full-service operator.
As the only full telecom service provider in Macau, CTM has 402,000 mobile customers as well as 177,000 fixed line and 133,000 broadband customers.
The other stakeholders in CTM are Portugal Telecom with 28 per cent stake; Citic Telecom with 20 per cent and The Macao SAR Government with 1 per cent.
CWC began operations in Macau in 1981, when it was asked by the government to help improve the telecom services. Prior to 1981, residents in Macau had to wait many months to have a telephone line connected.
The report said that the sale is part of CWC's wider strategy to focus on its business in the Caribbean, and is currently in talks to sell its operations in Monaco and a collection of islands such as the Maldives and Seychelles to Bahrain Telecommunications Co.
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