LONDON (Reuters) - Cable & Wireless Communications PLC CWC.L 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 (1883.HK), 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 BTEL.BH, sources told Reuters last month.
Macau would be attractive for Citic due to the former Portuguese enclave’s fast-growing sales of Apple’s (AAPL.O) iPhone and demand from tourists attracted to its booming casino industry, the FT said.
CWC, Citic and CTM were not immediately available for comment.
Reporting by Stephen Mangan; Editing by Chris Gallagher