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
- Sri Lanka turns to Indian and Russian companies to manage Chinese-funded Airport April 26, 2024
- Sri Lanka’s state revenue surges to record Rs. 834 Billion in first quarter 2024 April 26, 2024
- Army soldier killed, 9 injured in Mankulam cab-lorry collision April 26, 2024
- Electricity trade unions to take legal action against Sri Lanka Electricity Bill April 26, 2024
- Gotabaya Rajapaksa refutes Cardinal Ranjith’s allegations on Easter Sunday Attacks April 25, 2024