Sri Lanka It's Happening

April 3, 2008

Global Telecommunications Holdings, a sister company of Maxis Communications of Malaysia bought a 35% stake in Sri Lanka Telecom from NTT. This is the single biggest transaction ever to have taken place on the Colombo Joke Exchange.

Dialog Telekom the poor excuse for a mobile phone company also happens to be Malaysian owned. Their market share is slipping but still more than 60% of mobile phone users are with them (myself included).

Sri Lanka Telecom is to fixed lines what Dialog Telekom is to mobiles and now SLT is also Malaysian owned but they do not have sufficient control to shake of government influence on it. It's hard enough to run a company without government appointment directors on your board. Their presence on the other hand makes it virtually impossible.

Fittingly this transaction took place on April Fool's Day.

Posted by raditha at April 3, 2008 12:18 PM