Overseas Call

Sri Lanka Telecom plans to issue Luxembourg traded global depository receipts as part of its public offering to foreign investors.
Top SLT officials said the book building exercise for a 15 percent slice, is tipped to start after November 15, for the dual listing in Colombo and Luxembourg.rn

rnDFCC Bank will manage the IPO, with Julius & Creasy as legal consultants. UBS Warburg will handle the international marketing aspect.rn

rnTo boost its valuation, SLT recently fully acquired cellular operator Mobitel by buying up Telstras 60 percent stake for US$ 9.6 mn.rn

rnThe previous government was expecting around US$ 250 mn from SLTs IPO. The big-ticket sale is a vital for the government to meet its Rs. 21 bn target in privatisation receipts.rn

rnThis is not the first time a local company has ventured in to the overseas markets. The John Keells Holdings Group was the first local company to issue Luxembourg traded global depository receipts or GDR nearly a decade ago. In JKHs case most of the GDRs we