Citic Telecom shares surge after US$1.2b Macau deal

Shares in Citic Telecom surged almost 15 per cent on Monday after it agreed to buy a 79 per cent stake in a Macau telecom company from Cable & Wireless Communications and Portugal Telecom for US$1.2 billion, giving the Chinese company greater access to fast-growing Macau. In early trade it was up 33 cents, or 14.73 per cent, at HK$2.57.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1127701/citic-telecom-shares-surge-after-us12b-macau-deal