Technology Stake

July 16, 2010 (LBO) - Sri Lanka's Environmental Resources Investment (ERI) group has invested 100 million rupees for a stake in Enterprise Technology (Pvt) Ltd (ETPL) as it expands into the information technology sector, a statement said. The investment was made through Olancom, ERI’s information and communication technology holding company, which it bought earlier in July.

On July 01, 2010 Environmental Resources Investment said it will put 300 million rupees into Olancom, a leisure industry dotcom which had negative net assets and was formerly known as RoomsNet International.

ERI's latest investment in ETPL was done through a preference share issue of 10 million shares with a 12 percent coupon and an option to convert to ordinary shares at 10 rupees a share totalling 100 million rupees, the statement said.

"The fresh capital will be used to settle outstanding debts and expand ETPL’s operations," the statement said.

"ETPL has already been able to exploit group synergies in Olancom and quickly strengthen its capabilities in delivering solutions for the financial services, tourism and mobile value added services industries that have immense potential in Sri Lanka."

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