Sri Lanka Telecom divests Talentfort subsidiary for Rs. 80 million
The Morning: Sri Lanka Telecom PLC (SLT) announced the successful completion of a divestment involving its subsidiary, SLT Human Capital Solutions (Pvt) Ltd. (SLT HCS).
In a corporate disclosure in compliance with section 8.1 of the Colombo Stock Exchange’s Listing Rules, SLT confirmed that SLT HCS has sold its entire 100% stake in Talentfort (Pvt) Ltd., a fully owned subsidiary of SLT HCS, to Siyathro Investment and Property Developers (Pvt) Ltd.
The transaction, finalised on 29 August, was valued at Rs. 80 million.
Siyathro Investment and Property Developers (Pvt) Ltd. has acquired full ownership of Talentfort (Pvt) Ltd.
OSL take:
The Sri Lankan government’s programme to restructure state owned enterprises (SOEs) as the country is engaged in an aggressive programme to rebuild the economy that faced a crisis in the past few years, have presented a host of new business/investment opportunities to foreign businesses/investors exploring opportunities in Sri Lanka. The ongoing economic activities in Sri Lanka that have resulted in an overall expansion of the economy amidst the country’s target of becoming a regional hub are all present the country as an emerging business destination in the South Asian region. Sri Lanka’s strategic positioning in the Indian Ocean and the strong trade enjoyed with other countries that are being further strengthened and expanded also serve to boost the country’s attraction as a growing business destination. With the growing business potential in Sri Lanka, foreign businesses/investors could confidently explore the expanding opportunities in the country, especially in the SOE reforms porgramme as well. The business potential in Sri Lanka’s SOE reforms programme is evident by the interest shown by many foreign businesses in the SOEs and their subsidiaries that have been listed to be restructured and form public-private partnerships (PPPs).