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Cable & Wireless Communications PLC's Sable Holding Limited Announces Disposal Of 51% Stake In Companhia de Telecomunicações de Macau S.A.R.L To CITIC Telecom International Holdings Limited


Monday, 14 Jan 2013 02:00am EST 

Cable & Wireless Communications PLC announced that it has agreed with CITIC Telecom International Holdings Limited (CITIC Telecom) the sale of CWC's 51% stake in Companhia de Telecomunicações de Macau S.A.R.L. (CTM) for a total consideration of USD749.7 million (the Disposal). CWC's controlling 51% stake, held through its wholly-owned subsidiary Sable Holding Limited, will be acquired by CITIC Telecom, which holds an existing 20% shareholding in CTM. Concurrently with the Disposal, CITIC Telecom has announced it has agreed with Portugal Telecom (PT) to acquire its 28% stake in CTM (the PT Disposal). Both CWC's Disposal and the PT Disposal are conditional on the completion of each other. At completion of both transactions, CITIC Telecom will own 99% of CTM. The USD749.7 million consideration for the Disposal (on a cash and debt-free basis and assuming a normal level of working capital) will be paid in cash by CITIC Telecom to CWC upon completion of the transaction (Completion). Completion is expected to take place within six to nine months. The cash proceeds arising from the Disposal will be used to reduce the Company's net borrowings, increasing its strategic and financial flexibility. 

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24 Jul 2014