Jio Platforms has expressed interest in acquiring the government of Sri Lanka’s stake in Sri Lanka Telecom PLC (SLTMobitel), the national telecom service provider. The government of Sri Lanka had invited proposals from potential investors starting November 10, 2023, as it decided to divest its stake in the telco.
Following the deadline for the submission of proposals on January 12, 2024, the government issued a release informing that Jio Platforms, along with Gortune International Investment Holding Ltd, and Pettigo Comercio International LDA were the three potential bidders. As per the release, their proposals would be evaluated according to the special guidelines on divestiture of state-owned enterprises approved by the Cabinet of Ministers.
At present, Sri Lanka’s Secretary to the Treasury holds a controlling stake of 49.5 per cent in the company, whereas, Amsterdam-based Global Telecommunications Holdings owns 44.9 per cent. The remaining stake is held by public shareholders.
The International Finance Corporation is the transaction advisor for the sale of the government’s stake in SLTMobitel.
