Timor-Leste decides against purchasing Oi's TT stake

16 Jun 2016

The government of Timor-Leste has decided against purchasing the majority stake in national fixed line and mobile operator Timor Telecom (TT) currently held by Brazilian telecoms firm Oi, writes Ponto Final, citing a report by Portuguese news agency Lusa. Deputy Finance Minister Helder Lopes was quoted as saying that after carrying out a commercial, financial and economic analysis of the proposed transaction, the Timorese state has opted against increasing its 20.59% shareholding in TT. He added that the government’s decision is in line with its liberalisation policy of keeping the telecoms sector ‘in the hands of the market.’

TeleGeography’s GlobalComms Database notes that the abandoned deal involved a 54.01% shareholding in TT, controlled by Telecomunicacoes Publicas de Timor (TPT), in which Oi owns 76.00%, in addition to a direct 3.05% stake held by PT Participacoes SGPS. The Timorese government currently holds a 20.59% stake in TT, with the remaining shareholders being VDT Operator Holdings (17.86%) and Timorese businessman Julio Alfaro (4.49%).

Timor-Leste, Oi, Timor Telecom