Skip to content
Search
Please enter at least 3 characters.

Latest Stories

Airtel to merge Sri Lanka operations with Dialog Axiata

Airtel Sri Lanka started its commercial activities in the country in 2009

Airtel to merge Sri Lanka operations with Dialog Axiata

BHARTI AIRTEL and Dialog Axiata are set to merge their Sri Lanka operations through an equity swap deal, a joint statement said on Thursday (18).

Airtel Lanka's turnover in financial year 2023 was £28.2 million and it contributed 0.21 per cent to Bharti Airtel's overall business.


"Dialog Axiata PLC , Axiata Group Berhad (Axiata) and Bharti Airtel Limited signed a definitive agreement to combine their operations in Sri Lanka," the statement said.

"Under the agreement, Sri Lanka-based telecom operator Dialog will acquire 100 per cent of the issued shares in Airtel Lanka, in consideration of which Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.355 per cent of the total issued shares of Dialog by way of a share swap."

Airtel Sri Lanka commenced commercial operations in Sri Lanka in 2009.

"The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger, underscoring its vision to advance the adoption of telecommunications services across Sri Lanka," the statement added.

Dialog is a public limited liability company incorporated and domiciled in Sri Lanka and is listed on the Colombo Stock Exchange. Dialog was incorporated in Sri Lanka on August 17, 1993.

"The merger between Dialog and Airtel Lanka is aligned to Axiata's strategy of market consolidation and resilience. The merger will create value for shareholders of Dialog Axiata PLC and of Axiata Group through achievable synergies. We have the utmost respect for Airtel Lanka and its employees and look forward to working together as we integrate the two companies," Axiata Group Berhad, group CEO and managing director, Vivek Sood said.

Dailog Axiata has a subscriber base of over 17 million. Airtel Lanka has over 5 million customers.

(PTI)

More For You

Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Pakistan’s government is the largest shareholder or owner of most power companies

Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Eastern Eye

PAKISTAN government is negotiating a 1.25 trillion Pakistani rupee (£3.4 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said.

Plugging unresolved debt across the sector is a top priority under an ongoing $7bn (£5.4bn) International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis.

Keep ReadingShow less
Deliveroo posts first annual profit after 12 years

A Deliveroo rider near Victoria station in London, England. (Photo by Dan Kitwood/Getty Images)

Deliveroo posts first annual profit after 12 years

FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.

The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.

Keep ReadingShow less
JLR-Tata-Getty

JLR had initially planned to manufacture more than 70,000 electric vehicles at the facility. (Photo: Getty Images)

JLR halts plan to build EVs at Tata’s India plant: Report

JAGUAR LAND ROVER (JLR) has put on hold plans to manufacture electric vehicles at Tata Motors’ upcoming £775 million factory in southern India, according to a news report.

The decision was influenced by challenges in balancing price and quality for locally sourced EV components, three of the sources said. They added that slowing demand for electric vehicles was also a factor.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less