CITIC Telecom to invest 1.3 billion Hong Kong dollars Macau telecommunications company CTM

25 June 2013

CITIC Telecom International Holdings Limited (CITIC Telecom) plans to invest 1.3 billion Hong Kong dollars over the next three years in technological innovation for Macau telecommunications company Companhia de Telecomunicações de Macau (CTM), the group’s chief executive said Monday in Macau.

Norman Yuen Kee Tong gave assurances that CTM would be equipped with a fibre optic network covering the whole of Macau and the speed of its digital services would increase, particularly Internet access, both in the business sector and for the general population.

The chief executive of CITIC Telecom said that there was no set schedule for introduction of the 4G network in Macau, but noted that by the end of this year or the beginning of next year there would be more news.

The group now owns 99 percent of CTM following acquisition of the stakes owned by Cable & Wireless Communications and Portugal Telecom of 51 percent and 28 percent, respectively, for 5.81 billion Hong Kong dollars, and 3.19 billion Hong Kong dollars.

Following this acquisition, the CITIC Telecom group nominated Xin Yue Jiang as chairman and kept the previous executive commission of CTM, currently headed up by Vandy Poon. (macauhub)