A letter in which the government of Timor-Leste states its “firm and intractable” intention to buy Brazilian company Oi’s stake in Timor Telecom is due to be sent to Brazil Friday, a source from the consortium representing the operator said Thursday in Dili.

The VSLN/Thelson/Bona Fide consortium was mandated by Oi to conduct “effective negotiation and sale of shares” which it holds in Timor Telecom (TT). The head of the consortium, Ivan Pereira de Araujo, told Portuguese news agency Lusa he had been informed of the decision to purchase by the Minister of Public Works, Transport and Communications, Gastao de Sousa and the Director-general of the same ministry, Joanico Gonçalves.

The transaction involves the largest stake in TT (54.01 percent), controlled by Telecomunicações Públicas de Timor (TPT) in which Oi controls 76 percent in addition to a direct stake owned by PT Participações SGPS of 3.05 percent.

The remaining shareholders of TPT are Timor Leste development fund Fundação Harii (linked to the diocese of Baucau), which owns 18 percent and Fundação Oriente (6 percent).

TT’s capital is split between TPT (54.01 percent), the Timorese State (20.59 percent), macau-based company VDT Operator Holdings (17.86 percent) and Timorese businessman Julio Alfaro (4.49 percent). (macauhub/BR/PT/TL)