Apr 26, 2018 (LBO) – CK Hutchison Group and Emirates Telecommunications Group Company PJSC (“Etisalat Group”) have entered into a definitive agreement to merge their mobile telecommunications businesses in Sri Lanka.
They will operate under Hutchison Telecommunications Lanka (Private) Limited (“Hutch Lanka”) and Etisalat Lanka (Private) Limited (“ESL”) respectively.
The combined business of Hutch Lanka and ESL will be better positioned to serve their Sri Lankan customers. This transaction is part of the stated strategy of portfolio optimization of the Etisalat Group.
Upon completion of the transaction, CKHH Group will have the majority and controlling stake in the combined entity. The completion of the transaction is subject to a number of conditions precedent, which include, among others, securing the necessary competition and regulatory approvals in Sri Lanka.
Should there be any material developments on this subject, a further announcement will be made in accordance with applicable stock market rules and regulations.