Maxis closes purchase of SLT stake

8 May 2007

The Nippon Telegraph and Telephone Corporation (NTT), Japan’s largest telecoms provider, has sold a 25% stake in Sri Lanka Telecom (SLT) to Usaha Tegas Sdn, a subsidiary of Malaysia’s largest mobile operator, Maxis Communications, according to a statement by senior SLT officials. The sale leaves NTT with a 10.2% stake in the fixed line operator. The officials also said that the government plans to sell part of its 49.5% stake in SLT in the future.