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FINANCIAL NEWS
Etisalat in talks to sell its Sri Lankan unit
12 Oct 2014
(MENAFN) Etisalat, the UAE’s largest telecoms operator, announced it has begun initial talks with several international telecom operators, including India’s Bharti Airtel, over possibly selling its Sri Lankan unit, Arabian Business reported.
Etisalat, which began its operations in Sri Lanka in 2010 after acquiring a 100 percent stake in Tigo, a subsidiary of Millicom International Cellular, for USD155 million, said that its share of the highly competitive mobile market is 21 percent, making it the third-largest operator in the country.
India’s Airtel already has a presence in Sri Lanka but its subsidiary is the smallest operator in the country between the five existing operators, with a 7 percent market share in 2012.
Etisalat, which is currently the twelfth biggest telecoms firm in the world, has operations in 19 countries across the Middle East, Africa and Asia with a subscriber base of over 182 million, but the company has been reassessing its investments in the last two years.
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