Spilitting Hairs

Sri Lanka Telecoms much talked of marriage with Lanka Bell is getting delayed, as the Treasury has not given its blessings.
SLT Chairman, Thilanga Sumathipala says Treasury approval is a mere formality, but the delay, prevents SLT from consolidating Lanka Bell into its 2003 accounts.rn

rnldblquote SLT board has approved the acquisition, but we need Treasury approval to complete the formalities. We were hoping to wrap the deal by Dec. 31, so that it can be consolidated to our accounts, but we are unlikely to make it,
dblquote Sumathipala told Lanka Business Online.rn

rnThe dominant fixed line operator has declined to divulge the price tag, but SLT is believed to have made an offer of around US$ 14 mn based on cost-per line assumptions for Lanka Bells 40,000 customers.rn

rnLanka Bell is 48.87 percent owned by Singapores Transmarco Ltd. while its unlisted parent company Miel Investment Corp owns a further 18.44 percent. rn

rnFor starters, SLT will take a two third stake in the small wireless loca