rnGovernment offered a 12% stake in Sri Lanka Telecom with an option to sell a further 3 percent stake in the case of an over subscription.rn
rnOnce listed in December or early January the company will become the largest capitalized company in the Colombo stock market.rn
rnRetail investors who stayed out of the market over the last few weeks are thought to have taken up nearly half the issue.rn
rnAlthough big for Sri Lankan standards the issue is tiny by regional standards with announcements by China Telecom to raise US$ 1.4 billion in comparison to SLT
quote s US$ 34 million IPO.
rn
rnAnalysts however expect SLT to post a 50 percent jump in net profits this year to Rs. 3.2 billion from last year
quote s Rs.
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2.1 billion.(LBR)