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)