July 19, 2011 (LBO) – Sri Lanka Telecom, a firm in which Malaysia’s UT group is a key shareholder, will invest 6.0 billion rupees over the next two years to migrate fully into a digital network, chief executive Greg Young said. Earlier in the week, SLT’s mobile unit Mobitel said it was investing 5.0 billion rupees in expansion. The investments would start in August and are expected to be completed in 2013.
The firm would use internally generated funds and they would be supplemented by a syndicated loan from local banks, he said on the sidelines of a business forum in Colombo.
The syndication would be led by state-run Bank of Ceylon, he said without elaborating.
The firm was expanding its fibre optic based digital network and migrating out of a copper wire analogue one, he said.