Telekom Malaysia to float MTN Networks

Telekom Malaysia yesterday announced plans to list its wholly owned Sri Lankan mobile arm MTN Networks on the Colombo stock exchange. MTN, which operates under the brand name Dialog GSM, is the largest of Sri Lanka’s four mobile operators, claiming 1.35 million subscribers at the end of 2004, 55% of the market. In earlier reports this month in the Malaysian press it was alleged that 10% of MTN’s shares will be offered in an initial public offering (IPO) worth between USD30 million and USD40 million.