Hong Kong based-vendor Citic Telecom has reportedly been granted a loan of over US$1bn (MOP8bn) to acquire a larger stake in Macanese telco CTM.
Seven banks are backing the syndicated loan, according to sources cited by Thomson Reuters Basis Point in…
Hong Kong based-vendor Citic Telecom has reportedly been granted a loan of over US$1bn (MOP8bn) to acquire a larger stake in Macanese telco CTM.
Seven banks are backing the syndicated loan, according to sources cited by Thomson Reuters Basis Point in Business Daily.
Citic currently owns 20% of CTM and the Macanese government owns 1%.
As TelecomFinance previously reported, Citic is in talks with Portugal Telecom and Cable & Wireless Communications (CWC) for their 28% and 51% stakes in CTM respectively. CWC’s 51% stake has been valued between US$600m and US$800m.
CTM has a monopoly on fixed-line and broadband services in the former Portuguese colony and serves the special administrative region’s many casinos.
