Usaha Tegas, the parent group of Malaysian mobile network operator Maxis Communications, has bought 35.2 per cent stake in Sri Lanka Telecom for $297 million.

Usaha Tegas, the parent group of Malaysian mobile network operator Maxis Communications, has bought 35.2 per cent stake in Sri Lanka Telecom for $297 million. The deal values the company at $844 million. The stake was sold at 22 per cent premium by Japan’s NTT Corporation, which had bought the stake in 1997, a year after Sri Lanka Telecom was incorporated as a public limited company. Of the remaining 64.8 per cent stake in Sri Lanka Telecom, 49.5 per cent is owned by the Sri Lankan government and 15.3 per cent is publicly held.