TM to list Sri Lankan mobile unit

Telecom Malaysia™ has revealed plans to list its wholly owned Sri Lankan mobile unit MTN Networks before the end of the year. Following the listing, TM’s interest in the operator will be cut to 90.4%. The Malasysian operator is confident that the sale will attract interest among fund managers and the investing public as MTN is one of the largest companies in Sri Lanka. TM has invested USD70 million in MTN, which had 1.4 million subscribers at the end of 2004, a market share of 56%.