Government plans to discuss updated report on talks with Tet and LMT shareholders this Wednesday

RIGA - The government might discuss the updated report on the results of negotiations with the shareholders of Tet and Latvijas Mobilais Telefons (LMT) at an extraordinary meeting this Wednesday, Economics Minister Viktors Valainis (Greens/Farmers) said Tuesday after the weekly meeting of the government coalition.

He noted that the updated report has been prepared so that the government can discuss it before the end of the year.

Information on the Economics Ministry's website shows that Valainis and the ministry's representatives will participate in the extraordinary government meeting, called for this Wednesday, December 18.

TV3 commercial channel reported at the end of November that Telia has sent a proposal to the other shareholders of Latvijas Mobilais Telefons (LMT) to convene a shareholders' meeting and discuss the issue of confidence in LMT Chairman of the Board Juris Binde.

On December 10, LMT shareholders' meeting rejected the vote of no confidence in LMT President and Chairman of the Board Juris Binde initiated by Telia.

It was also reported that on November 19 the government did not yet adopt a final position for negotiations with Telia on the future of Tet and LMT, instructing the Economics Ministry to clarify its intentions within three weeks.

The closed-door government meeting considered dozens of different directions for the future development scenarios of LMT and Tet. In total, there were more than 30 different directions.

"We have arrived at two options, which are being further assessed in detail," Valainis said earlier. Having reached one final offer, the ministry will try to reach an agreement with the other co-owner of LMT and Tet - Telia - on the future of the companies.

A complex management scheme for Tet and LMT has been set up in the past, which the two shareholders - the Latvian government and the Swedish company Telia - have so far been unable to agree on changing.

The state, through Public Asset Manager Possessor, owns 51 percent of Tet, while Telia's subsidiary Tilts Communications owns 49 percent of Tet. In LMT, on the other hand, Telia and its subsidiary Sonera Holding own a total of 49 percent, the Latvian state owns a total of 28 percent through the Latvian State Radio and Television Centrer (23 percent) and Possessor (5 percent), while Tet holds another 23 percent.