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Govt not selling Telecom stake to GTH - Cabinet Spokesman

COLOMBO: Media and Information Minister and Cabinet Spokesman Anura Priyadarshana Yapa strongly refuted the allegation that Sri Lanka Telecom (SLT) was selling a part of its stake to Global Telecommunications Holdings of Malaysia (GTH).

Addressing journalists at the weekly Cabinet press briefing at the Government Information Department in Narahenpita yesterday, Yapa claimed that certain media institutions and groups have completely misunderstood the transaction which the Government intended to oversee in a fully transparent manner.

Outlining the present SLT shares structure, he said Sri Lanka held 49.5 per cent shares, while NTT held 35.2 per cent.

The public had a 15.3 per cent stake.

In this backdrop, the NTT has proposed to sell-off a 25.3 per cent of their own stake to GTH, retaining 9.9 per cent for NTT. It would also retain the right of naming a director to the SLT Board.

NTT has sought the approval of the Government for same and Government authorities are examining the acceptability of GTH, as per the specifications of a Government appointed committee comprising representatives from the ministries of Telecommunications, Defence, Public Security and Justice and Government Enterprise Reforms Commission, Board of Investment (BOI) and the Sri Lanka Securities and Exchange Commission.

“This proposed transfer of NTT shares to GTH is not a sale of the Sri Lanka Government’s stake of 49.5 per cent share.

“We as a responsible and democratic Government has no right to impede this transaction,” Yapa reiterated.

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