SLT buying WiMAX company

13 May 2008

Sri Lanka Telecom (SLT) has announced that it intends to buy 75% of a company which holds wireless spectrum suitable for WiMAX-based broadband services, reports Lanka Business Online. The incumbent telco said it would pay USD1 million for a controlling stake in Sky Network, a unit of the European-based Lycatel Group. ‘The [SLT] board resorted to this option, as a licence for WiMAX operation from the Telecommunications Regulatory Commission has seen inordinate delays,’ SLT said in a stock exchange filing, adding that ‘by teaming up with Sky Network, SLT could leverage on its islandwide infrastructure for the provisioning of wireless broadband applications such as IPTV, video on demand, educational services, etc, to the mass market.’ SLT currently offers broadband services based on ADSL technology.