Cable & Wireless Communicationsis in advanced talks to sell its controlling stake in Macau’s largest telecoms group for as much as $650m to Citic Telecom International, part of the Chinese state-controlled conglomerate.
UK-listed Cable & Wireless Communications (CWC), which controls telecoms operators in many former European colonies, is close to finalising a deal that could raise between $600m-$650m, according to two people with knowledge of the situation.
CWC owns a 51 per cent stake in CTM, Macau’s only fixed line provider and leading mobile telecoms group that has seen rapid growth in revenues in the past few years on the back of the boom in gambling-led tourism to the upmarket resorts of the region.
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