Etisalat acquires top Sri Lankan telecom firm.Byline: Abu Dhabi Abu Dhabi (ä`b  thä`bē, zä–, dä–), Arab. Abu Zabi, sheikhdom (1995 pop. 928,360), c.
Etisalat said on Saturday Saturday: see week; Sabbath. it has acquired 100 per cent stake in "Tigo Sri Lanka Sri Lanka (srē läng`kə) [Sinhalese,=resplendent land], formerly Ceylon, ancient Taprobane, officially Democratic Socialist Republic of Sri Lanka, island republic (2005 est. pop. ", a wholly-owned subsidiary of Nasdaq-listed Millicom International Cellular SA, for an enterprise value of $207 million. Etisalat's acquisition of Tigo Sri Lanka reflects its balanced approach to investment, said the company's top official. "Etisalat already has existing investments in Asia including Pakistan, Afghanistan, Indonesia and India, markets which are among the fastest growing in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. sector," said Etisalat chairman Mohammed Hassan Omran. Commenting on the deal, Omran said, "This new acquisition is a clear example of Etisalat's international investments strategy of seizing distinctive growth opportunities and maximizing value to shareholders." "Entering the Sri Lankan telecom market is a logical addition to our interests in the Asia continent. The acquisition promises attractive returns as the Sri Lankan Government is increasing its effort to promote foreign investment in all sectors," he added. Tigo Sri Lanka, having commenced its operations in 1989, is now, with a market share of 21 per cent, the second-largest mobile phone operator in Sri Lanka. As of September 2009, the company had 2.25 million subscribers, said a company statement. Both Sri Lanka as a country and Tigo Sri Lanka as a company provide opportunities for further growth. Mobile phone penetration in Sri Lanka is 52 per cent and in March 2009 Tigo Sri Lanka was licensed to offer third generation services in addition to the second generation services historically provided by the company and on which its success has been built. "The acquisition is of a mature operator with a strong reputation for its good network and quality of service. It also offers great opportunities for synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. with our other operations in the region, particularly in the UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. , Saudi Arabia Saudi Arabia (sä `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. and India," Omran said.
"We also plan to invest in this company to ensure that it has the dynamism to take the leading position in the market in the next few years and that it continues its effective role in the development and growth of the telecommunications sector in Sri Lanka," he added. Standard Chartered Bank Standard Chartered Bank (LSE: STAN, HKSE: 2888 ) is a British bank headquartered in London with operations in more than fifty countries. It operates a network of over 1,600 branches (including subsidiaries, associates and joint ventures) and employs almost 60,000 acted as financial advisor to Etisalat for this acquisition.- TradeArabia News Service Copyright 2008 www.tradearabia.com Copyright 2009 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |
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