Whatever the political situation:

Dialog IPO will certainly come in July - CEO

THE current political situation in the country will not affect Dialog Telekom's plans to enter the Colombo Stock Exchange early July, CEO Dr. Hans Wijayasuriya told the Daily News yesterday. He said he believed the investor confidence, specially of the foreign investors is still high and the IPO will definitely bring the expected results.

"Although things were not the same when we initially announced our plans, we are very positive that the investors will grab with both hands this opportunity of being shareholders of the most profitable company of the country," Dr. Wijayasuriya said.

He said the IPO will attract a lot of foreign investors because they believe that this is the right time to invest.

According to stock brokers the IPO is scheduled for July 07 and Dialog Telekom will sell 9.6% of its stake in Dialog Telekom Ltd. The Company is planning to raise about Rs. 9 billion from this share issue.

Dialog which entered the mobile telecommunications market in 1995 captured market share leadership by 2000. Today it commands a 60 percent market share in the mobile telecommunications market and a 40 percent share in the overall market.

The Company recorded Rs. 4.1 billion net profit last year while the net profits of the first quarter this year has been recorded at Rs.1.76 billion. Dialog serves over 1.5 million customers.

Dr. Wijayasuriya said the investors will take this strong financial performance into account rather that being deterred by ever changing political scenario.

"The country's mobile telephone market is expected to grow in leaps and bounds in the few years. Investors, specially the foreign investors clearly understand this potential. They believe that Dialogue will be the leading player in tapping that growing market and their investments will bring them good returns," Dr. Wijayasuriya said.

Dialog Telekom is the operator with the widest coverage having established over 500 base stations with a strong presence in all 9 provinces of the country.

Its GSM network was the first to provide civilian mobile telecommunications in the Northern and Eastern provinces, having established coverage within 90 days of the ceasefire agreement.