Engagement Ring

Sri Lanka Telecom on Tuesday took a step further to seal its marriage to Lanka Bell, by agreeing to start work on a due diligence study, its Chairman said.
The dominant fixed access operator has been courting Lanka Bell for the past few weeks and last month signed a non-disclosure agreement to actively pursue the relationship.rn

rnldblquote We signed a memorandum of understanding this evening, to start the due diligence process,
dblquote SLT Chairman, Thilanga Sumathipala told Lanka Business Online.rn

rnSumathipala says SLTs interest in the smallest of the three fixed-line operators, stems from Lanka Bells wireless local loop technology and strong marketing unit.rn

rnldblquote We hope to use the low cost wireless technology, together with ours [SLTs wireless technology] to expand our network to the rural areas,
dblquote Sumathipala said.rn

rnIndustry watchers say SLT has put a bid price at around Rs. 1.5 bn, but Sumathipala is non-committal.rn

rnldblquote We will make a disclosure to the St