Sri Lanka Telecom Confirms Talks to Buy Hutch's Local Subsidiary
Published on: 29th Jan 2014
Note -- this news article is more than a year old.
By: Ian Mansfield
Sri Lanka Telecom has confirmed that it is in talks to buy the local arm of Hutchison Telecom's mobile network although it had earlier denied such talks were taking place.
In a stock market announcement last Friday, the company said that it had not negotiated to buy the company, but on Monday later issued a new statement confirming that it was indeed in talks with the firm.
In the statement, SLT said that the talks were still at a preliminary stage, without elaborating further.
The country currently has five mobile networks.
India's Bharti Airtel is said to be closer to a long expected sale of its Sri Lankan subsidiary to Etisalat, and the latest development could see the market consolidated to a more sustainable three mobile networks.