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Sri Lanka Telecom sets up unit to manage cable depot

Jul 28, 2017 13:16 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka Telecom (SLT) has announced it has set up a new company in a joint venture with Singapore’s Indian Ocean Cableship Pte. Ltd. to manage a planned submarine cable depot in Galle.

A stock exchange filing said SLT has got Board of Investment approval for the Rs314 million project.

The new company, called Galle Submarine Cable Depot (Pvt) Ltd., will build and manage a cable depot in Galle.

The incorporation of the company came after a joint venture agreement between SLT and Indian Ocean Cableship Pte. Ltd of Singapore on June 19th this year.

SLT said it will be invest 40 percent of the equity capital which will amount to about Rs28 million out the total equity capital of Rs70 million as agreed by the two parties.
(COLOMBO, July 28, 2017)


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