Sri Lanka Telecom seeks investors to develop property

May 8, 2014 (LBO) - Sri Lanka Telecom Plc, the island's only wireline operator said, it was looking for local and foreign investors jointly develop its property holdings scattered across the country. It will also look at opportunities to lease or hire out existing facilities for workshops, recreational and other business activities. The company has set up a website www.sltproperty.lk for the purpose.

Chairman Nimal Welgama said within a fast changing telecom sector the firm had re-invest its business strategy and diversity to add value to shareholders.

"With this new initiative, we are looking forward to support local and foreign investors who are willing to join hands with SLT for any viable joint venture in the future," SLT group chief executive Lalith De Silva said in a statement.

"We believe SLT’s property portfolio has a high economic and market value which will have a growing demand in the future aligning to the country’s economic and business development agenda."

"Our strategy is to monetize every asset of the company to maximize returns and thereby increase group value."

The property related activities will be carried out through SLT Property Management (Pvt) Ltd