Sell Off

June 27, 2007 (LBO) – Ultrapay Limited, the Australian broadband and mobile wireless services company, has sold the stake it held in Sri Lanka’s Ruhuna Multivision pay tv business, the company said. Ultrapay held the stake in Ruhuna Multivision, which runs Comet Cable, through its subsidiary Chalmway Private Limited.

The company says the sale netted 1.2 million Australian dollars.

The profit received on the sale of the Chalmway business was at the top end of our expectations,” Michael Boyd, Chairman of UltraPay Limited said in a regulatory filing.

“It is a pleasing outcome given the considerable uncertainty surrounding the sale and the difficult environment of Sri Lanka.

It was not clear who the buyer was.

Officials from Multivision were not available for comment.

The Southern Development Authority (SDA) is also a 50 percent shareholder in Multivision.

Last year, the local pay tv company faced a withdrawal of its broadcast rights after defaulting on fees. The SDA owns the broadcast license for Ruhuna Multivision (Pvt) Limited.

Comet Cable has an 18,000 strong customer base and is one of the oldest pay television companies in Sri Lanka with channels r