Sri Lanka Telecom stakes bought by GTH

April 17, 2008 (LBO) “Global Telecommunication Holdings (GTH), a Netherlands incorporated unit through which Malaysia’s UT group is trying to acquire control of Sri Lanka Telecom, has raised its stake in the telco, brokers said Thursday.

GTH bought over 6.7 million shares of SLT at 49 rupees per share Thursday, CT Smith Stockbrokers, which bought the shares on behalf of GTH, told the Colombo Stock Exchange.

GTH also bought 32,785, 000 shares of SLT Wednesday, almost all at 49 rupees a share with 7,100 shares done at 48.75, Asia Securities, the broking house which did the deal, told the Colombo Stock Exchange in a separate announcement.

The UT group acquired a 35.19 percent stake in SLT at 50.50 rupees a share through its Netherlands Antilles unit GTH on April 1.

It has announced a mandatory offer to buyout all other shareholders under stock exchange rules.