SLT will not renew NTT

Sri Lankan Prime Minister Ranil Wickremasinghe (2nd R) arrives to visit the site of a bomb attack at St. Anthony's Shrine in Kochchikade in Colombo on April 21, 2019. - A string of blasts ripped through high-end hotels and churches holding Easter services in Sri Lanka on April 21, killing at least 156 people, including 35 foreigners. (Photo by ISHARA S. KODIKARA / AFP) (Photo credit should read ISHARA S. KODIKARA/AFP/Getty Images)

SLT announced that the management agreement that was in force since August 1997 will not be renewed after it expires on August 5.

rnrnThe SLT board decision to terminate the agreement had been take as far back as February.

NTT communications acquired a 35 percent stake in SLT in 1997.

The company also took over the management of Sri Lanka telecom after the privatization but retains the right to appoint the CEO.

rnrnSome analysts say senior Japanese staff may return home with the end of the agreement. The telecom giant is to be listed and an Initial Public Offer made later this year.rn