Local press reports say that Sri Lanka’s state-run pension fund, insurance company and banks have been given the go ahead to acquire shares in government-controlled Sri Lanka Telecom (SLT), to allow it to comply with free float rules that dictate a minimum 10% stake must be in public ownership. According to a joint cabinet filing by the country’s finance minister Mangala Samaraweera and the minister for telecommunication, foreign employment and sports, Harin Fernando, the decision was approved by the Cabinet this week paving the way for the Employees’ Provident Fund (EPF), Sri Lanka Insurance Corporation (SLIC), National Savings Bank (NSB), Bank of Ceylon (BOC) and People’s Bank to purchase shares in SLT, which is roughly 54%-owned by the government, subject to the approval of their respective director boards.
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