No change in local management:

Etisalat acquires Tigo

Tigo Sri Lanka CEO Dumindra Ratnayaka confirmed that the Emirates based telecom giant Etisalat had acquired 100 percent of the Tigo Sri Lanka operation from Millicom International.

He also confirmed that there will be no change in the local management and staff and that the Tigo team is excited about the new prospects and the boost they would receive to continue their work.

Dumindra Ratnayaka said, “What is important is that the Sri Lankan consumers will benefit in terms of investments in product and service development and the fullest expansion of our services to every part of the island.”

Etisalat Chairman Mohammed Hassan Omran said: “This new acquisition is a clear example of Etisalat’s international investments strategy of seizing distinctive growth opportunities and maximizing value to shareholders. Entering the Sri Lankan telecom market is a logical addition to our interests in the Asia continent.

The acquisition promises attractive returns as the Sri Lankan Government is increasing its effort to promote foreign investment in all sectors.

The acquisition is of a mature operator with a strong reputation for its good network and quality of service.

It also offers great opportunities for synergy with our other operations in the region, particularly in the UAE, Saudi Arabia and India.

We also plan to invest in this company to ensure that it has the dynamism to take the leading position in the market in the next few years and that it continues its effective role in the development and growth of the telecommunications sector in Sri Lanka,” he said.