Sri Lanka’s Supreme Court has blocked Japan-based telecom service provider Nippon Telegraph and Telephone Corporation (NTT) from selling 25.3 per cent stake in Sri Lanka Telecom.

Sri Lanka’s Supreme Court has blocked Japan-based telecom service provider Nippon Telegraph and Telephone Corporation (NTT) from selling 25.3 per cent stake in Sri Lanka Telecom. NTT holds a 35.2 per cent stake in Sri Lanka Telecom, and had intended to sell 25.3 per cent stake to the Usaha Tegas Group of Malaysia. The Sri Lankan government, which owns 49.5 per cent of Sri Lanka Telecom, has appointed a committee to work out a new management agreement with the Usaha Tegas Group.