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China’s Citic Telecom buys Macau phone company

<!– google_ad_section_start –> BEIJING (AP) — A unit of the Chinese Cabinet’s Citic Group has bought Macau’s phone company from its British and Portuguese owners for $1.2 billion. Citic Telecom International Holdings Ltd. said Monday it would raise its stake in Telecommunicacoes de Macau from 20 percent to 99 percent. Citic Telecom bought a 51 percent holding from a Hong Kong unit of Cable & Wireless Plc and 28 percent from Portugal Telecom. The remaining 1 percent will be held by Macau’s post office. <!– google_ad_section_end –>

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China’s Citic Telecom buys Macau phone company

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