SLT will not be affected by NTT share divestiture - Posts Secretary

Hiran H.Senewiratne

COLOMBO: The 25 per cent share-divesting plan of NTT of Japan would not affect Sri Lanka Telecom (SLT), which is just a deal between two companies, Secretary to the Ministry of Posts and Telecommunication W.M. Piyasena said.

He said there is no need to panic as the NTT would dispose only 25.3 per cent of their shares. They currently own 35.2 per cent of the total share holding. Therefore it will not affect the Government holding of the entity.

Piyasena said that at present the Government of Sri Lanka owned 49 per cent of SLT and disposing 25 per cent of NTT Japan shareholding would not affect the SLT. At present negotiations are going on with Malaysian based telecom giant Maxxis Telecom.

According to Piyasena a special Committee has been appointed by President Mahinda Rajapaksa to investigate companies that are planning to purchase their shares.

In the mean time, SLT shares were also heavily traded during the day’s trading at the Colombo Stock Exchange. A foreign telecommunications company has completed due-diligence on SLT/NTT shareholding, Business Development Manager Exchange, Bartleet Mallory Stockbrokers Limited Angelo Ranasinghe said.