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SLT management agreement to be renegotiated

Sri Lanka Telecom (SLT) has given formal notice of termination of the agreement for "Provision of Services and Procurement of Personnel between SLT and NTT Communications" that is generally known as the management agreement, to NTT Communications of Japan. This decision was arrived at a meeting of board of directors of SLT held 6 February, 2002. As per the agreement signed by NTT Communications and SLT from 5 August, 1997 NTT Communications was to manage SLT for a period of 5 years.

It has been recommended by the Government of Sri Lanka (GOSL) that SLT should renegotiate terms and conditions with a view to concluding a new management agreement and exiting from the current agreement by giving 6 months notice to NTT Communications. As of present, GOSL owns 61.5% equity of SLT whilst NTT Communications and employees and public own 35.2% and 3.3% respectively, a Sri Lanka Telecom press release states. 

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