Bank of China joins Citic in CTM’s purchase loan

2013-3-26

From：Macau Business

Bank of China Ltd, Macau branch has joined Citic Telecom International Holdings’ acquisition of local telecommunications provider CTM.

The news was broken by Bloomberg, quoting two people familiar with the matter, who asked not to be named as the details are confidential.

Speaking to reporters yesterday, CTM chief executive Vandy Poon Fuk He said Citic could officially become the majority shareholder of Macau’s biggest telecommunications operator in the first half of this year, as it could gain government approval “faster than expected”, our sister publication Business Daily reports.

In January, Citic Telecom announced that it would pay US$1.16 billion (MOP9.3 billion) to buy out CTM’s two major shareholders, Cable & Wireless Communications Plc and Portugal Telecom.

London-listed Cable & Wireless has already approved the sale of the company’s 51-percent stake in CTM for US$749.7 million.

Portugal Telecom will sell its 28 percent stake for US$411.6 million.

Copyright@Macau Business