Timorese businessman interested in increasing stake in Timor Telecom

19 January 2015

Timorese businessman Júlio Alfaro is interested in increasing his stake in Timor Telecom (TT) if PT SGPS, of Portugal, puts its majority stake up for sale and if the Timorese State takes control of the operator, Alfaro told Portuguese news agency Lusa Thursday.

“The purchase of PT’s shares in Timor Telecom would be the best solution to the reality that we are experiencing in the PT group,” said Julio Alfaro, noting that “at that time I would have confidence and peace of mind to buy some of the shares according to my stake.”

Alfaro is the only Timorese investor with a stake in TT, specifically 4.49 percent, with the remaining capital split between a subsidiary of PT, TPT (54.01 percent), the Timorese State (20.59 percent), Macau-based company VDT Operator Holdings (17.86 percent) and PT Participações, SGPS (3.05 percent).

TPT is controlled by PT (76 percent), the Harii Foundation – Sociedade para o Desenvolvimento de Timor-Leste (linked to the Baucau diocese), which owns 18 percent, and Fundação Oriente (6 percent).

When the Brazilian group Oi announced its intention to sell PT Portugal to France’s Altice in December it also announced it would set the strategy to be followed in PT’s businesses that were not included in that sale, including investments in Africatel and TT. (macauhub/PT/TL)