Unicom in talks to buy Macao telco
26 November 2004
China Unicom, China's second largest mobile carrier, has opened talks with Macao's biggest telecoms operator about a possible purchase plan, state media reported. Companhia de Telecomunicacoes de Macao (CTM) is currently run as a joint venture between Cable and Wireless PLC, Portugal Telecom International, CITIC Pacific Ltd and the Macao SAR Government. Details of the possible buyout were not disclosed although China Unicom recently received permission from regulators to take over 49% of shares in CTM. CTM started its services in Macao in 1981. It currently has 370,00 mobile and fixed line subscribers and saw profit reach US$400m in 2003.