­UK based Cable & Wireless Communications (CWC) has confirmed that it is in talks that could lead to the sale of its 51% stake in a Macau based telecoms network subsidiary.

CWC said that it is in talks with Citic Telecom, whcih already owns a 20% stake in Macau based Companhia de Telecomunicações de Macau (CTM).

Cable & Wireless Communications noted that at this point there can be no certainty that the discussions will lead to a transaction.

Citic Telecom expects to fund the proposed acquisition with internal resources, bank loans or debt, or equity financing, according to a separate  Citic statement.

The companies didn't provide financial details of the planned deal, although the stake is said to be worth around US$650 million.

Other shareholders in the company include Portugal Telecom (28%) and the Macau Post (1%).