Macau Daily Times 25 June 2013
CITIC Telecom International Holdings Limited (CITIC) management confirmed yesterday that the company had accomplished the acquisition of Companhia de Telecomunicacoes de Macau (CTM), and now controls 99 percent of its shares. CITIC promised to support CTM by making an investment of MOP1.2 billion every three years, to improve local services.
Hong Kong-based company CITIC Telecom bought 51 percent of CTM from Cable & Wireless Communications Plc for USD749.7 million. They also acquired a 28-percent share from Portugal Telecom SGPS SA for USD411.6 million. The Government- controlled Macau Post retains 1 percent.
Mr. Xin Yue Jiang, Chairman and Executive Director of CITIC Telecom, says that the new board of directors will fully support CTM’s investment plan. This investment of MOP1.2 billion every three years aims to optimize the network quality, and to enrich the portfolio of diversified and innovative telecom services.
“The investment will mainly (provide for the) introduction of 4G services, data center, cables and training staff,” the chairman said.