Sri Lanka Telecom share sale opposed on ‘national security’ grounds

Sri Lanka
By Editor_1

COLOMBO – Shares of Sri Lanka Telecom (SLT), which owns a fixed and mobile telecom group, is partly foreign owned and listed should not be sold down further, the head of a parliamentary committee on national security has said.

Government MP Sarath Weerasekara who chairs the Sectoral Oversight Committee on National Security told Parliament on Friday (9) that divestment of the 49.5% stake in SLT held by the government could “expose the country’s strategic communication infrastructure and sensitive information to private companies that are motivated by profit, which could pose a threat to national security”.

The claim comes despite satellite links and international cables connecting the country being built and managed by foreign conglomerates in which many connected countries are also shareholders. SLT is also a shareholder in some global cable companies.

The sectoral oversight committee will not recommend a sell down of shares, he said.

Weerasekara said that any individual or organization proscribed or otherwise that “aided terrorists or extremists” must not be allowed to purchase shares or control Sri Lanka’s national assets.

Weerasekara suggested that the government retain the right to re-purchase shares held by the majority shareholder of SLT.

SLT’s second biggest shareholder is Malaysia-based Usaha Tegas Sdn Bhd with a 44.9% stake in the company.

Most Sri Lanka’s mobile firms were also built and owned not just by private firm but foreign ones. SLT’s own mobile network, Mobitel was a build operate transfer project by Australia’s Telstra.

Sri Lanka’s cabinet of ministers in March 2023 listed Sri Lanka Telecom among several state companies to be re-structured.

SLT currently enjoys market leadership in fixed-line services and is the second-largest operator in mobile. It also owns an extensive optical fibre network.

The company was placed on watch for a possible rating upgrade by Fitch Ratings in March 2023 after the government announced the restructuring.

-economynext.com

 

 

Editor_1
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