The Special Cabinet Appointed Negotiating Committee (SpCANC) has shortlisted two bidders from three for the divestiture of Sri Lanka Telecom.
The two pre-qualified bidders from the Request for Proposal (RFP) stage are Jio Platforms Ltd of India and Gortune International Investment Holding Ltd of Amsterdam made up of private Chinese investors.
State and Enterprise Restructuring Unit in a release indicated that Pettigo Comercio International LDA linked to the Lycamobile group have not qualified to make it to the RFQ stage.
The International Finance Corporation acts as the Transaction Advisor for the divestiture of shares held by GOSL in Sri Lanka Telecom PLC.
Jio owned by Indian diversified billionaire Mukesh Ambani already leads the Indian telecom market, and by acquiring a stake in a government-owned telecom, it may be able to expand its telecom services in neighbouring markets as well.
Currently, the government owns 49.5 percent of the company, while Global Telecommunications Holdings of Amsterdam owns 44.9%.The Government of Sri Lanka (GOSL) acting through the Ministry of Finance, Economic Stabilization and National Policies, called for Request for Qualification (RfQs) from potential investors for the divestiture of its shares in Sri Lanka Telecom PLC. The deadline for submission of proposals ended at 2pm on Friday, January 12, 2024.
The RfQs received were evaluated based on the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers in July 2023.
