The Portugal Telecom group is no longer a shareholder in Macau telecommunications company Companhia de Telecomunicações de Macau (CTM), according to a statement issued in Lisbon by the Portuguese market regulator.
The sale of its stake netted the Portuguese group US$443 million, which includes the US$411.6 million announced on 13 January and an additional US$31.4 million representing PT’s net cash position in CTM and some adjustments to working capital.
Based on the current exchange rate, the transaction is worth approximately 330 million euros, which will be used to improve PT’s financial flexibility and reduce its debt as well as to further focus PT’s resources on its core businesses and geographical areas.
At the time CTM announce that CITIC Telecom International Holdings Limited (CITIC Telecom) had reached an agreement with both Cable & Wireless Communications and Portugal Telecom to sell their stakes of 51 percent and 28 percent, respectively, in the Macau carrier, for 5.81 billion Hong Kong dollars, and 3.19 billion Hong Kong dollars.
Once the deal is concluded CITIC Telecom will have a 99 percent stake in CTM and the remaining 1 percent will be in the hands of Macau postal service Correios de Macau. (macauhub)