Asia > Eastern Asia > China > CITIC Telecom plans to invest in Macau

China: CITIC Telecom plans to invest in Macau

2013/06/26

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 people.

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 additional news.

The group presently owns 99 % of CTM following acquisition of the stakes owned by Cable & Wireless Communications and Portugal Telecom of 51 % and 28 %, 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. 

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