Lanka Bell up for sale

30 Nov 2010

Sri Lankan wireless in the local loop (WiLL) operator Lanka Bell has been put up for sale by its owner Milford Holdings, a subsidiary of Distilleries Company of Sri Lanka (DCSL). A public advertisement placed by financial advisors KPMG Ford, Rhodes, Thornton & Company calls for expressions of interest from telcos and other potential investors in a 99.99% stake in the CDMA2000 and WiMAX network operator. The invitation follows news that Sri Lankan business tycoon Harry Jayawardena is planning to divest interests such as Mutual Fund Manager, National Asset Management Ltd (NAMAL) and Lanka Bell. DCSL said that telecoms revenues fell to LKR2.43 billion (USD21.8 million) in the six months to September 2010, from LKR2.6 billion a year earlier, although the segment showed a gross profit of LKR92 million in the period compared to a LKR240 million loss a year earlier. Lanka Bell also operates Sri Lanka’s sole connection to the FLAG global undersea cable.

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