Malaysian minority owner for Sri Lanka Telecom

Japan's NTT exits Sri Lanka Telecom by selling its 35% stake to Malaysia's Global Telecom Holdings for $299 million.

JapanÆs NTT Communications Corp has sold its 35% stake in Sri Lanka Telecom to Global Telecommunications Holdings, a wholly-owned subsidiary of Malaysia's Usaha Tegas, for $299 million.

NTT has sold its entire holding of 635,076,318 shares, representing 35.19% of Sri Lanka Telecom, at a price of SLR50.50 $0.47 a share totalling SLR32 billion.

Global Telecommunications Holdings, which is a Netherlands-based company will now, under the Sri Lanka Takeover Code, have to make a mandatory offer to the remaining...

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