|By ACN Newswire||
|January 13, 2013 07:52 AM EST||
Hong Kong, Jan 13, 2013 - (ACN Newswire) - CITIC Telecom International Holdings Limited ("CITIC Telecom" or the "Group;" stock code: 1883), a leading international telecoms services provider in Asia, announced that it has signed sale and purchase agreements with Sable Holding Limited (a wholly-owned subsidiary of Cable & Wireless Communications Plc ("Cable & Wireless") and Portugal Telecom, SGPS, S.A., PT Participaes SGPS, S.A. and PT Comunicaes, S.A. ("Portugal Telecom") respectively to acquire their entire interests in Companhia de Telecomunicacoes de Macau, S.A.R.L. ("CTM"). The acquisitions account for 79% of the interests in total, at a total cash consideration of US$1,161.3 million (approximately HK$9,000.1 million).
Upon completion of the acquisitions, CITIC Telecom's shareholding in CTM increases from 20% to 99%, and CTM would become a subsidiary of CITIC Telecom. The acquisition requires the approval of the Macau Government and relevant PRC governmental and regulatory authorities. The Group expects to complete the transaction in the second half of 2013. Macau Post, an entity controlled by the Macau Government, continues to hold the remaining 1% equity in CTM.
CTM is principally engaged in mobile, fixed line and broadband services in Macau and is a major supplier of enterprise telecom services to corporate customers in Macau. According to the two signed agreements, Cable & Wireless is to sell its 51% interest in CTM to CITIC Telecom at a consideration of US$749.7 million (approximately HK$5,810.2 million), while Portugal Telecom is to sell its 28% interest in CTM to CITIC Telecom at a consideration of US$411.6 million (approximately HK$3,189.9 million). The amount was determined after arm's length negotiations among the parties with reference to CTM's historical financial performance.
At the same time, CITIC Telecom entered into a three-year strategic alliance agreement with Portugal Telecom in which both parties will capitalize their respective expertises in certain areas of collaboration in the telecom sector and jointly identify investment opportunities in information and communication technology ("ICT").
Mr Xin Yue Jiang, Chairman of CITIC Telecom, said, "The Group has been placing great emphasis on Macau as a strategic market. The increase in CITIC Telecom's stake in CTM facilitates our long term business expansion, generates solid synergies with our business integration and enables us to realise higher business growth. The acquisitions should also prove beneficial to the development of the community in Macau. We are also very pleased to maintain good relationships with both Cable & Wireless and Portugal Telecom to create higher value for our shareholders."
CITIC Telecom expects to fund the acquisitions with its existing cash resources and new bank loan facilities. The Group has obtained commitments on a certain funds basis for short and long-term loan facilities from a group of banks to cover all of its funding requirements in relation to the acquisitions. CITIC Telecom may consider refinancing part or all of such facilities at a later date through a combination of equity issuance (including via a rights issue) and/ or bond issuance.
Benefits of Increasing the Group's Stake in CTM
CTM is Macau's leading integrated telecom services provider. It currently holds the rights until the end of 2021 to provide local and international switched fixed voice and data services granted by the Macau Government. CTM also operates other licenses from the Macau Government to provide mobile services in Macau.
The increased stake in CTM is in line with the Group's long term business strategy, enabling the Group to expand its telecommunication businesses in Greater China and facilitate the diversification of its customer base and services profile from a wholesale-dominated provider to a more end-user focused services provider.
To improve CTM's performance, CITIC Telecom will increase its investment in CTM to strengthen its infrastructure and building of support system. Leveraging its experience, the Group will also introduce innovative technologies in order to upgrade CTM's overall technological standard. The Group will also further integrate business operations in order to enhance CTM's international network coverage and innovation capabilities so to fully realise synergies. This direction is intended to build a more solid financial and operational profile, enhance the scale of the Group's business and create a more balanced revenue mix.
At the same time, while promoting sustainable healthy development of telecom services in Macau, CITIC Telecom is determined to play a more significant role in advancing the development of the Macau community. The Group plans to assist CTM to expand cloud computing applications, implements network convergence and advanced international telecom services as well as develop a 4G network, with the aim to transform Macau into a leading integrated digital city in the region.
Mr Xin Yue Jiang concluded, "CITIC Telecom has full confidence in the prospects of both Macau and the telecom industry in Macau. With the strong support from the CITIC Group, as we become the largest shareholder of CTM, the Group will actively complement the Macau SAR Government to enhance the technological standard of Macau's telecom industry, thus providing quality telecom services to Macau citizens and contributing to the new digitalised IT era of Macau."
About CITIC Telecom International Holdings Limited
CITIC Telecom is one of Asia's leading telecoms service providers specialising in hub-based services. In addition to serving its key markets in China and Hong Kong, the Group is actively expanding its business to international telecoms operators. The Group has four main types of business, namely Voice Services, SMS Services, Mobile VAS and Data Services. Its independent hub connects over 621 telecoms operators in 75 countries or regions. Additional news and information about the company is available at www.citictel.com
Source: CITIC Telecom International Holdings Limited
trategic Financial Relations Limited Veron Ng +852 2864 4831 [email protected] Keris Leung +852 2864 4863 [email protected] Agnes Luo +852 2864 4851 [email protected]
Copyright 2013 ACN Newswire. All rights reserved.
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Jul. 24, 2016 09:00 AM EDT Reads: 1,498
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 24, 2016 09:00 AM EDT Reads: 776
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Jul. 24, 2016 08:45 AM EDT Reads: 867
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Jul. 24, 2016 08:30 AM EDT Reads: 2,048
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 24, 2016 08:30 AM EDT Reads: 1,456
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 08:15 AM EDT Reads: 1,808
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Jul. 24, 2016 08:15 AM EDT Reads: 1,042
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 24, 2016 08:15 AM EDT Reads: 1,127
SaaS companies can greatly expand revenue potential by pushing beyond their own borders. The challenge is how to do this without degrading service quality. In his session at 18th Cloud Expo, Adam Rogers, Managing Director at Anexia, discussed how IaaS providers with a global presence and both virtual and dedicated infrastructure can help companies expand their service footprint with low “go-to-market” costs.
Jul. 24, 2016 08:00 AM EDT Reads: 2,273
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Jul. 24, 2016 08:00 AM EDT Reads: 717
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Jul. 24, 2016 08:00 AM EDT Reads: 884
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 24, 2016 07:45 AM EDT Reads: 714
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Jul. 24, 2016 07:30 AM EDT Reads: 757
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 07:15 AM EDT Reads: 1,938
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 24, 2016 07:00 AM EDT Reads: 1,413