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State funds to buy Sri Lanka Telecom stocks for minimum public float

SLT optical fibre network
BROAD BAND: Sri Lanka Telecom runs an optical fibre backbone around the country with 64 nodes.

ECONOMYNEXT – Sri Lanka’s cabinet has cleared the way for state-run funds and banks to buy Sri Lanka Telecom stock to meet a public float requirement, the state information office said.

Ministers of Telecom and Finance had submitted a joint proposal to allow state-management funds and state bank to buy stock in Sri Lanka Telecom.

It is proposed that the Employees Provident Fund, Employees Trust Fund Board, Sri Lanka Insurance, National Savings Bank, Bank of Ceylon to buy stock on Sri Lanka Telecom proposed to buy stock in SLT subject to the approval of their respective boards.

The Securities and Exchange Commission has set a minimum 10 percent public float.

According to the last stock exchange filing the minimum public float of Sri Lanka Telecom was 5.52 percent.

The Treasury had 49.5 percent of SLT stock and Global Telecommunications Holdings NV, a unit of Malaysia’s UT group had 48.9 percent of the stock. (Colombo/Sept04/2019)

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