CWC in talks to sell Macau group stake for up to $650 mln - FT
LONDON Oct 17 (Reuters) - Cable & Wireless Communications PLC 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 Ltd, the Financial Times reported.
British-listed CWC is looking to offload its 51 percent stake in CTM, Macau's only fixed line provider and leading mobile phone group, as part of a wider strategy to focus on its business in the Caribbean, the FT said, citing people with knowledge of the situation.
CWC is also in talks to sell its assets in Monaco and a host of island nations including the Maldives and the Seychelles to Bahrain Telecommunications Co, sources told Reuters last month.
Macau would be attractive for Citic due to the former Portuguese enclave's fast-growing sales of Apple's iPhone and demand from tourists attracted to its booming casino industry, the FT said.
CWC, Citic and CTM were not immediately available for comment.
- Malaysian plane presumed crashed; questions over false IDs |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Warning shots fired to turn monitors back from Crimea |
- Malaysian plane crashed off Vietnam coast: state media