Vodatel Networks Holdings Ltd. (SEHK:8033) agreed to acquire an additional 0.96% stake in Timor Telecom for $0.61 million on January 28, 2013. Vodatel Networks will acquire 4205 shares of Timor Telecom. The consideration will be funded by internally generated funds of Vodatel Networks.

As a result of the transaction, Vodatel Networks stake in Timor Telecom will be increased to 17.86%. Timor Telecom reported revenues of $74.64 million (HKD 578.6 million) and net profit of $21.7 million (HKD 168.19 million) for the year ended December 31, 2012. The Directors of Vodatel Networks consider that the terms of the acquisition of fair and reasonable and in the interests of Vodatel Networks and shareholders.

The transaction is expected to be completed on February 14, 2013. The conversions were done through www.oanda.com as on December 31, 2012.