China International Trust and Investment Corp, CITIC, is to acquire 20% of the Cable & Wireless telecommunications subsidiary in Macau, Companhia de Telecommunicacoes de Macau, CTM. The Governor of Macau has approved a new shareholding structure under which CITIC will hold 20% of the company’s equity and Companhia Portuguesa Radio Marconi will increase its stake by 4% to 28%: Cable & Wireless will hold 51% and retain management responsibility, with Correios Telegrafos e Telephones, CTT, of Macau retaining its 1%. CTM provides a range of telecommunications services in Macau, including a cellular phone network. CITIC was formed in 1979, under the direct leadership of the State Council.
