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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, Etisalat complete mobile networks merger in Sri Lanka

    The Invisible
    The Invisible


    Posts : 3116
    Join date : 2016-11-28
    Age : 45

    Hutchison, Etisalat complete mobile networks merger in Sri Lanka Empty Hutchison, Etisalat complete mobile networks merger in Sri Lanka

    Post by The Invisible Wed Dec 05, 2018 9:30 am

    ECONOMYNEXT – Sri Lanka’s smaller mobile phone companies, Hutchison Telecommunications Lanka (Private) Limited (Hutch Lanka) and Etisalat Lanka (Private) Limited (ESL) have completed their merger, it was announced.

    A statement said Emirates Telecommunications Group Company PJSC (Etisalat Group) has completed the sale of its 100 percent stake in Etisalat Lanka (Private) Limited (ESL) to Hutchison Telecommunications Lanka (Private) Limited (Hutch Lanka).

    “Upon completion of the sale, CK Hutchison Holdings Limited group will have a majority and controlling stake of 85 percent whilst Etisalat Group will have 15 percent ownership of Hutch Lanka.”

    In April the two firms said they entered into an agreement to merge their mobile telecommunications businesses in the island after getting the necessary competition and regulatory approvals in Sri Lanka.

    (COLOMBO, 04 December 2018)

      Current date/time is Sun Nov 03, 2024 6:43 pm