CWC in talks to sell off Macau stake

Cable & Wireless Communications yesterday said it is in talks to sell its stake in its Macau operation in a deal which could raise £400m.

The telecoms firm is looking to sell its 51 per cent holding in its Macau subsidiary, CTM, the Chinese territory's only fixed-line and mobile phone company, to Hong Kong-listed industrial conglomerate CITIC, which already holds 20 per cent of the company.

"At this point there can be no certainty that the discussions will lead to a transaction," said CWC.