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Cable & Wireless Communications Confirms Talks to Sell Macau Network

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UK based Cable & Wireless Communications (CWC) has confirmed that it is in talks that could lead to the sale of its 51% stake in a Macau based telecoms network subsidiary.

CWC said that it is in talks with Citic Telecom, whcih already owns a 20% stake in Macau based Companhia de Telecomunicações de Macau (CTM).

Cable & Wireless Communications noted that at this point there can be no certainty that the discussions will lead to a transaction.

Citic Telecom expects to fund the proposed acquisition with internal resources, bank loans or debt, or equity financing, according to a separate  Citic statement.

The companies didn't provide financial details of the planned deal, although the stake is said to be worth around USD650 million.

Other shareholders in the company include Portugal Telecom (28%) and the Macau Post (1%).

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Tags: cable & wireless communications  ctm  Macao