Asset Media in share purchase agreement

ANNOUNCEMENT: Asset Media, a subsidiary of Dialog Telekom., announced the entering into of a Share Sale and Purchase Agreement (SSPA) with the shareholders of COMMUNIQ BROADBAND NETWORKS AND CBN SAT.

A release to the Colombo Stock Exchange by Dialog Telekom disclosed that the acquisition of the companies will be entirely dependent upon full compliance with and satisfactory completion of, the stated Conditions Precedent enumerated in the SSPA.

Subject to the satisfactory performance of the Conditions Precedent to the transaction, the Agreement entered in to by the parties will potentially result in the acquisition of 100% of the share capital of the companies by Asset Media at an approximate combined equity valuation of Rupees 523.8 million.

The proposed acquisition of the satellite Pay TV operations of CBN/CBNSAT, follows approximately 2 months after the acquisition of Asset Media by Dialog Telekom.

The acquisition of CBN/CBNSAT is expected to provide Asset Media with cutting edge DTH Satellite Pay TV infrastructure and strong portfolio of Content partnerships, in addition to a healthy base of Pay TV subscribers.