Incumbent Sri Lanka Telecom (SLT) has raised US$100m in a five-year loan, the proceeds of which will go towards upgrading its infrastructure.
HSBC acted as lead arranger on the financing and was joined by Sampath Bank.
The Sri Lankan operator said the…
Incumbent Sri Lanka Telecom (SLT) has raised US$100m in a five-year loan, the proceeds of which will go towards upgrading its infrastructure.
HSBC acted as lead arranger on the financing and was joined by Sampath Bank.
The Sri Lankan operator said the loan was the highest amount it ever raised in a foreign currency.
A month ago, SLT revealed that its mobile unit Mobitel was discussing the possible acquisition of rival Hutchison Telecom Lanka with the company’s parent.
According to a Colombo stock exchange notice, negotiations were at a preliminary stage.
Mobitel is wholly-owned by SLT, itself 49.5%-held by the Sri Lankan government.
Hutchison Telecom Lanka is a unit of Hutchison Asia Telecom, which is controlled by Honk Kong giant Hutchison Whampoa Group.
A deal between the two operators would reduce the number of players in the Sri Lankan mobile market from five to four.
