Citic Telecom boosted by Macau acquisition

Shares in Citic Telecom rise in response to its $1.16 billion deal to buy CTM in Macau.

Citic Telecom boosted by Macau acquisition
CTM has close to 500,000 mobile customers in Macau

Investors have reacted positively to Citic Telecom’s acquisition of Macau’s only full-service telecoms company, CTM.

Citic Telecom’s shares have gained 12.5% in Hong Kong since it announced the deal on Sunday, closing at HK$2.52 on Tuesday. It already owns a 20% stake in CTM and is paying $1.16 billion to buy Cable Wireless Communications’ 51% controlling stake and Portugal Telecom’s 28% holding. The Macau government owns the last 1% through Macau Post.

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