(MENAFN- Colombo Gazette) Dialog, Axiata Group and Bharti Airtel Limited have entered into a binding term sheet to combine operations of Bharti Airtel Lanka (Private) Limited, Airtel's wholly-owned subsidiary with Dialog, a subsidiary of Axiata Group Berhad.
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 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. The proposed transaction is subject to signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals.
The Parties will issue further announcements in due course should there be any material developments.
Dialog Axiata Group, a subsidiary of Axiata Group Berhad (Axiata), operates Sri Lanka's Leading Quad-Play Connectivity Provider. Dialog Axiata PLC, listed on the Colombo Stock Exchange, supplements its market leading position in the Mobile Telecommunications sector with a robust footprint and market presence in Sri Lanka's Fixed Telecommunications, Digital Pay Television, Digital Services, Financial Services, and IT services markets through its subsidiaries, Dialog Broadband Networks (Private) Limited (DBN), Dialog Television (Private) Limited (DTV), Digital Holdings Lanka (Private) Limited, Dialog Finance PLC, and H One (Private) Limited. Dialog Axiata Group is Sri Lanka's largest Foreign Direct Investor (FDI) with investments totalling USD 3 Billion.
Airtel Sri Lanka commenced commercial operations of services in Sri Lanka in 2009 and was the fastest operator to reach 1 million customers. The Airtel Sri Lanka offering of technology innovation and service excellence has driven rapid adoption rates among the Sri Lankan youth. Today Airtel has established its state-of-the-art 5G-ready 4G network across all parts of Sri Lanka, and is continuously boosting its network capacity to deliver maximum value. For more information, connect with Airtel on social media, check the MyAirtel App, or visit (Colombo Gazette)
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