SLT has decided to acquire a 75% stake in Sky Network (pvt) Ltd -
05/12/2008
The Board of SL T has decided to acquire a 75% stake in Sky Network (pvt) Ltd. a
company incorporated in Sri Lanka by Lycatel Group, a pan-European prepaid telecom
organization, to carry-on operations in Sri Lanka, in order to secure access to their wireless broad band frequency.
By teaming-up with Sky Network SL T could leverage on its island-wide infrastructure for the provisioning of wireless broadband applications such as IPTV, Video on Demand, Educational Services etc. to the mass market. Currently SL T uses ADSL technology for its broadband services. The Board resorted to this option as a licence for wi-max operation from the TRC had seen inordinate delays.
To acquire a stake of 75% of that company SLT would be expending US$ I million.