Timor-Leste state recommended to buy Timor Telecom shares

Monday 2 November 2015 | 10:22 CET | News

A technical team set up by the Timorese Government recommends that the state increase its stake in Timor Telecom by buying Oi's shareholding, government sources told Lusa. The source said that this was the "only option" presented by the technical team in a preliminary version of a feasibility study as to whether or not to purchase Oi's stake in Timor Telecom. The study will be presented this month at the Council of Ministers.

At issue is the largest share in Timor Telecom (54.01%), controlled by the company Telecomunicacoes Publicas de Timor (TPT), in which Oi has 76 percent of the capital. Other shareholders of Timor Telecom include the Timorese state (20.59%), Macau-based VDT Operator Holdings (17.86%), local businessman Julio Alfaro (4.49%) and PT Participacoes SGPS (3.05%). If the Timorese state decides to purchase Oi's shares, some private shareholders have already indicated that they would consider expanding their shareholdings.

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