Usaha Tegas buys stake in Sri Lanka Telecom (Sri Lanka)
April 15, 2008
Usaha Tegas, the parent group of the Malaysian mobile network operator Maxis Communications, has bought a 35.2 per cent stake in Sri Lanka Telecom for $297 million. Usaha Tegas has bought the stake at a 22 per cent premium from Japan's Nippon Telegraph and Telephone Corporation (NTT). According to media reports, the deal puts the value of Sri Lanka Telecom at $844 million. Of the remaining stake, 49.5 per cent is owned by the government and the remaining is with the public.
NTT invested in the company in 1997, a year after Sri Lanka Telecom was incorporated as a public limited company.
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