GTH buys Rs. 32 b stake in SLT
Single largest transaction in the history of the
Colombo Stock Exchange:
Global Telecommunications Holdings N.V. ("GTH"), a wholly-owned
subsidiary of Usaha Tegas Sdn Bhd ("UT"), a Malaysia based investment
holding company, acquired 635,076,318 shares representing 35.19% of Sri
Lanka Telecom PLC ("SLT" or the "Company") from NTT Communications
Corporation for a purchase consideration of Rs. 32 billion.
As a result of this acquisition, GTH will be required to undertake a
Mandatory General Offer for the remaining shares of SLT which it does
not already hold. An offer document containing all details of the offer
will be sent to shareholders in due course.
Usaha Tegas Chairman
Tatparanandam |
The Board of GTH views the investment in SLT to be a strategic
investment and looks forward to working with the other shareholders of
the Company, including the Government of Sri Lanka and government
related and other Sri Lankan institutions, to further grow the company
and enhance shareholder value.
GTH, through common ownership, is affiliated to Maxis Communications
Berhad which is regarded as one of the leading telecommunication service
providers in Asia with operations in Malaysia, India and Indonesia.
GTH and UT will commit resources to support the Board and management
of SLT to create additional opportunities for its employees and to
achieve the overall objectives of the Company.
The investment in SLT, which builds on the historical, cultural and
trading relations between Sri Lanka and Malaysia, is the largest single
transaction on the Colombo Stock Exchange, and reflects confidence in
the long term prospects of the Sri Lankan economy and that of the
telecommunications sector.
Usaha Tegas Sdn Bhd Incorporated Malaysia is an investment holding
company with significant and controlling interests in several entities
involved in telecommunications, broadcasting and media, leisure and
entertainment, energy and property development and ownership - including
Maxis Communications Berhad, Astro All Asia Networks plc, Powertek
Berhad and Overseas Union Enterprise Limited among others.
UT is based in Kuala Lumpur, Malaysia while its investment and
business interests are held both within and outside Malaysia.
UT is controlled by the trustee of a discretionary trust, the
beneficiaries of which are members of the family of Ananda Krishnan
Tatparanandam and foundations including those for charitable purposes. |