The Government of Sri Lanka, through its Ministry of Finance, Economic Stabilization, and National Policies, has closed the first stage of its plan to divest shares in Sri Lanka Telecom PLC.
After an evaluation process based on the Special Guidelines on Divestiture of State-Owned Enterprises, two investors have emerged as front-runners out of the three bidders.
Jio Platforms Ltd: The Indian telecom giant, Mukesh Ambani's Jio Platforms known for its disruptive entry into the Indian market, is a strong contender with its extensive experience and deep pockets.
Gortune International Investment Holding Ltd: A lesser-known entity, with a focus on emerging markets.
With the shortlisting complete, the pre-qualified bidders will now move to the Request for Proposal (RFP) stage.
The International Finance Corporation has been appointed as the Transaction Advisor for the divestiture process.
In the meantime, six members of the board of directors, along with Chairman Reyaz Mihular, have submitted their resignations from Sri Lanka Telecom PLC.
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