MTN Networks handed in an application on Thursday to list up to 10 percent of its issued share capital on the Colombo bourse. MTN Networks handed in an application on Thursday to list up to 10 percent of its issued share capital on the Colombo bourse. The issue is likely to open by August 2005, and is estimated at about US$ 40 million – making it the largest share sale for the island.
Lanka IOC sold a 25 percent stake in the petroleum retailer for US$ 35 million in 2004 making that the largest IPO to date on the Colombo bourse.
The Telekom Malaysia Berhad fully owned subsidiary is expected to make a formal announcement on its IPO after a board meeting Friday.
Former Malaysian premier Dr. Mahathir Mohamad speaking at MTN Network’s tenth anniversary ceremony said it is the policy of the Malaysian government that when one of its companies operates in a foreign country they must be good corporate citizens and be able to contribute to the well-being and if possible the wealth of the host country.
Dr. Mohamad hoped that the IPO “will mean the people of Sri Lanka would be able to invest in the telecommunication fac