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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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    Hutchison, UAE's Etisalat to merge mobile networks in Sri Lanka

    The Invisible
    The Invisible


    Posts : 3116
    Join date : 2016-11-28
    Age : 44

    Hutchison, UAE's Etisalat to merge mobile networks in Sri Lanka Empty Hutchison, UAE's Etisalat to merge mobile networks in Sri Lanka

    Post by The Invisible Sat Apr 28, 2018 6:49 pm

    ECONOMYNEXT – Sri Lanka’s smaller mobile phone companies, Hutchison Telecommunications Lanka (Private) Limited (Hutch Lanka) and Etisalat Lanka (Private) Limited (ESL) are to merge.



    Hong Kong’s CK Hutchison Group and the UAE’s Emirates Telecommunications Group Company PJSC (Etisalat) said in a statement they have entered into an agreement to merge their mobile telecommunications businesses in Sri Lanka.



    “The combined business of Hutch Lanka and ESL will be better positioned to serve their Sri Lankan customers,” it said.



    “This transaction is part of the stated strategy of portfolio optimization of the Etisalat Group. Upon completion of the transaction, CKHH Group will have the majority and controlling stake in the combined entity.”



    The completion of the transaction is subject to a number of conditions precedent, which include securing the necessary competition and regulatory approvals in Sri Lanka, the statement said.

    (COLOMBO, April 26, 2018)

      Current date/time is Sun Sep 01, 2024 5:30 am