Timor-Leste gives up on buying additional stake in Timor Telecom

16 June 2016

The government of Timor-Leste (East Timor) has decided “definitively” to give up on the idea of buying the stake owned by Brazilian company Oi in Timor Telecom. It plans to keep its current stake of 20.59 percent, said the Timorese Deputy Finance Minister.

Hélder Lopes also told Portuguese news agency Lusa that the decision not to buy the stake was made “based on a commercial, financial and economic analysis carried out by the government.”

The Deputy Minister also said that the decision taken by the government was in line with the policy to liberalise the telecommunications market adopted in 2012, which aims to “put the sector into the hands of the market.”

Last May the Deputy Public Works, Transport and Telecommunications Minister, Inácio Moreira, told Lusa that the Timorese state had to do “everything possible” to have a majority stake in Timor Telecom, to ensure the security of the State’s telecommunications.

The government of Timor-Leste owes a debt of over 9.5 million euros to Timor Telecom, which is due to have a general meeting Friday. (macauhub/BR/TL)