Following the news last month that Citic Telecom International was negotiating the purchase of Cable & Wireless Communications’ 51% stake in Companhia de Telecomunicacoes de Macau (CTM), the Chinese-owned group is now talking to Portugal Telecom about a proposal to buy its 28% share in the Macanese telco, to raise Citic’s stake from 20% to 99%. Based on a report from the Portuguese financial daily Diario Economico, quoted by the Macau Daily Times, the initial Cable & Wireless purchasing agreement is worth around HKD5 billion (USD645 million). ‘We are in talks with all CTM shareholders, including Portugal Telecom,’ the CEO of Citic Telecom, Norman Yuan, confirmed
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OVETEL Citic negotiating 99% stake in CTM
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