Dialog completes Rs. 15 b investment pledge ahead of schedule
BoI accolades for largest investment implemented in
record time:
COMPLETION: Dialog Telekom, announced that it has completed
its Rs. 15 Billion (150 million USD) investment pledge to the Board of
Investment of Sri Lanka (BoI) one year ahead of schedule. The landmark
agreement signed between Dialog Telekom and the BoI in May 2006 is the
single largest Telco investment in Sri Lanka to date.
Upon completion of the 150 Million USD Project, Dialog Telekom has
invested a total of over USD 450Mn (Rs. 45 Billion) in the development
of telecommunications infrastructure in Sri Lanka, making its principal
foreign investor, Telekom Malaysia Bhd, the single largest
infrastructure investor in Sri Lanka.
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Director/Chief Executive Dialog Telekom Dr. Hans Wijayasuriya
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Chairman/Director General of the Board of Investment of Sri Lanka
Prof. Lakshman R. Watawala had this to say: "Dialog Telekom is a very
dynamic enterprise which is at the cutting edge of technology.
"Dialog Telekom's investment was the highest in Sri Lanka in 2005 and
2006 and it was completed in a record time.
We are very proud to have them in Sri Lanka and we hope that other
blue chip companies will follow the success story of Dialog Telekom.
The confidence shown by a leading Malaysian investor will encourage
other foreign investors to make Sri Lanka their ideal destination for
investment".
2006 Investments were directed predominantly towards the expansion of
the company's mobile communications network across all provinces of Sri
Lanka.
Large investments were also directed towards the establishment of
network capacity to accommodate a rapidly growing subscriber base
(currently 3.2 Million).
Substantial Investments were also made towards the deployment of 3rd
Generation Mobile Telephony services and the implementation of a Fibre
optic backbone in Colombo.
Commenting on the successful completion of the investment programme,
Director/Chief Executive Dialog Telekom Dr. Hans Wijayasuriya said,
"Last year we pledged that we would invest 150 million within two years
and today, we have delivered on that pledge 12 months ahead of schedule.
The completion of this major expansion initiative represents an
important phase in Dialog's transformation into a provider of multi
media connectivity, encompassing mobile, fixed, broadband and media.
We believe that Dialog Telekom, with the unstinting support of our
principal investor Telekom Malaysia and the shareholding public, has not
only validated its position as the undisputed market leader in the
Telecommunications sector in Sri Lanka, but also as a Company that is
truly dedicated to the enrichment and empowerment of Sri Lankan citizens
and enterprises."
A significant portion of the Investment was directed towards the
infrastructure development activities of Dialog Telekom's subsidiary
Dialog Broadband Networks (DBN). DBN is making beachhead investments in
Sri Lanka's Broadband and Fixed Telephony infrastructure sectors.
Some of the key investments made by Dialog Broadband Networks include
implementation of a CDMA based fixed wireless telephony network, the
expansion of its MPLS data communication network and, in another first
for Sri Lanka, the launch of WiMax broadband services in several
districts outside the western province, a press release states. |
