Dialog Axiata to invest US$254mn in Sri Lanka network expansion

ECONOMYNEXT – Dialog Axiata, a unit of Malaysia’s Axiata group said it will invest 254.1 million US dollars (46.1 billion rupees) in its mobile and fixed broadband networks.

Dialog will invest 190.7 million dollars in its network and 63.4 million dollars through the subsidiary Dialog Broadband Networks (Private) Limited, under two investment agreements signed with the Board of Investment of Sri Lanka.

The funds will be used to expand mobile and fixed 4G-LTE networks, IP, fibre and Wi-Fi broadcast networks.

“We value our partnership with the Board of Investments and are honoured to enter into this agreement today.

“..[T]his fresh investment signals Axiata’s long-term commitment to the country and the people,” Tan Sri Jamaludin Ibrahim, Managing Director/President & Group Chief Executive Officer, Axiata Group Berhad was quoted as saying after singing the deal with the BOI>

“Furthermore, Axiata together with Dialog are excited to deliver better connectivity and new technologies in Sri Lanka.”

Dialog is Sri Lanka’s largest foreign investment company, investing 2.7 billion US dollars since 1994 or 11 percent of the total FDI in the country.

Susantha Ratnayake, Chairman of the BOI had said the firm had kept Sri Lanka’s telecom infrastructure ahead of the region and the new investment will be a further advancement.

Axiata has operations in Malaysia, Indonesia, Bangladesh, Cambodia, Sri Lanka, Singapore and India and claims to be the second largest telco in Asia. (Colombo/Feb19/2020)

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