LONDON Oct 17 Cable & Wireless Communications
(CWC) is in talks to sell its controlling stake in
Macau's largest telecoms group as it seeks to exit its
operations outside the Caribbean and Central America.
The company is in talks to sell the CTM stake to fellow
investor Citic Telecom International, it confirmed on
Wednesday, after a report in the Financial Times that said the
asset could fetch up to $650 million.
British-listed CWC owns a 51 percent stake in CTM, Macau's
only fixed line provider and leading mobile phone group. Citic,
which is part of a Chinese state-owned conglomerate, owns 20
percent, CWC said on Wednesday.
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
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.