Brazilian telco Oi has announced plans to sell its shareholding in Companhia Santomense de Telecomunicacoes (CST), the incumbent provider of fixed, mobile and data services in Sao Tome and Principe, TeleSintese reports.
Oi confirmed in a court filing that it had received an offer of USD6 million for its shareholding in CST from Portuguese firm Visabeira Global. According to the report, the offer corresponded to 51% of CST’s shares, and exceeded Oi’s valuation of around USD3.6 million. Further details of the planned sale were unavailable at the time of writing, but TeleGeography notes that Oi indirectly owned 43.86% of CST at the end of 2019. The group’s shares are held via an 86% stake in Africatel Holdings which in turn holds 51% of CST’s shares – the remaining 49% are held by the government of Sao Tome and Principe.