Govt not selling Telecom stake to GTH - Cabinet Spokesman
COLOMBO: Media and Information Minister and Cabinet Spokesman
Anura Priyadarshana Yapa strongly refuted the allegation that Sri Lanka
Telecom (SLT) was selling a part of its stake to Global
Telecommunications Holdings of Malaysia (GTH).
Addressing journalists at the weekly Cabinet press briefing at the
Government Information Department in Narahenpita yesterday, Yapa claimed
that certain media institutions and groups have completely misunderstood
the transaction which the Government intended to oversee in a fully
Outlining the present SLT shares structure, he said Sri Lanka held
49.5 per cent shares, while NTT held 35.2 per cent.
The public had a 15.3 per cent stake.
In this backdrop, the NTT has proposed to sell-off a 25.3 per cent of
their own stake to GTH, retaining 9.9 per cent for NTT. It would also
retain the right of naming a director to the SLT Board.
NTT has sought the approval of the Government for same and Government
authorities are examining the acceptability of GTH, as per the
specifications of a Government appointed committee comprising
representatives from the ministries of Telecommunications, Defence,
Public Security and Justice and Government Enterprise Reforms
Commission, Board of Investment (BOI) and the Sri Lanka Securities and
“This proposed transfer of NTT shares to GTH is not a sale of the Sri
Lanka Government’s stake of 49.5 per cent share.
“We as a responsible and democratic Government has no right to impede
this transaction,” Yapa reiterated.