Minor Tremor

A minority stake in Sri Lanka Telecom is unlikely to make it to the market this year, as authorities feel the time is not ripe.
The telecom giant has also offered a voluntary retirement scheme to shed excess staff, as part of an overall restructuring exercise.rn

rnThe government had earlier told the IMF they were planning to sell off a further 8.5 percent of its shares held in SLT this year, as part of its Rs. 13.5 bn privatisation programme.rn

rnBut SLT Chairman Thilanga Sumathipala says the issue may not materialise, as they feel the stock is still under valued and the market conditions are not quite conducive.rn

rnSLT on Friday said it was raising the raise prices for domestic calls by 12.5 percent in September, to offset a possible drop in international call revenues.rn

rnThe 12.5 percent tariff increase is lower than the 15 percent increase spelt out in the management contract between the government and NTT of Japan endash SLTs 35 percent shareholder.rn

rnThe tariff increase is expected