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COLOMBO (Dow Jones)--Distilleries Co.
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of Sri Lanka (DIST.SL) said Friday it will pay million to acquire local fixed-line operator Lanka Bell Ltd.
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COLOMBO (Dow Jones)--Distilleries Co. of Sri Lanka (DIST.SL) said Friday it will pay million to acquire local fixed-line operator Lanka Bell Ltd.
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"The acquisition may take about a month to complete. We will start the process next week," Damien Fernando, the company's finance manager, told Dow Jones Newswires.
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Late Thursday Milford Holdings Ltd.

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- a subsidiary of Distilleries - signed a share purchase agreement with a consortium of shareholders who together own 76% of the issued capital of Lanka Bell.

Fernando said the company is in the process of obtaining the remaining shares.

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The purchase will be made with internal funds ofMilford Holdings, he said.

Lanka Bell is a small fixed line operator with a market share of around 7%, or about 100,000 subscribers.

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It's 60% owned by Singapore's Transmarco Ltd.

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(T21.SG) and has invested over 0 million in expanding its business in Sri Lanka since setting up operations in 1997.
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Fernando said Distilleries plans to grow Lanka Bell's subscri

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