Dialog and Airtel to combine operations in Sri Lanka
Dialog Axiata PLC and its Malaysian Parent Axiata Group Berhad and India’s Bharti Airtel Limited have entered into a binding term sheet to combine operations of Bharti Airtel Lanka, Airtel’s wholly-owned subsidiary, with Dialog Axiata.
According to a stock market filing by Dialog, the proposed transaction envisages Airtel being granted a stake in Dialog, representing the fair value of Airtel Lanka.
Airtel would accordingly be issued new shares in Dialog Axiata upon completion of the transaction.
“Discussions with respect to the proposed transaction are ongoing between the Parties and also with the relevant regulatory authorities as per applicable laws and regulations,” Dialog Axiata Director/CEO Supun Weerasinghe said.
“The proposed transaction is subject to signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals,” he added.
(Source: Daily Mirror)
Latest Headlines in Sri Lanka
- Audit reveals misuse of electric vehicle permits for migrant workers in Sri Lanka November 23, 2024
- IMF approves third review: Sri Lanka secures $333 million tranche under EFF November 23, 2024
- Sri Lankan President urges accountability and unity for a better future November 23, 2024
- IMF third review talks with Sri Lanka successfully conclude November 22, 2024
- Professor Gomika Udugamasooriya appointed Senior Advisor to President on Science and Technology November 22, 2024
