Etisalat interested in Suntel

19 Jul 2010

Sri Lanka’s Sunday Times newspaper reports that Middle Eastern telecoms firm Etisalat, which operates the island’s third largest mobile network by subscribers, is currently looking at the possibility of acquiring alternative fixed line operator Suntel. Sources at UAE-based Etisalat said the company was looking for any good investment opportunity in the Sri Lankan telecoms market, with the post civil war climate enhancing prospects. The shareholders looking to sell their stake in CDMA-based Suntel are Overseas Telecom, an associated company of Sweden’s TeliaSonera, Metrocorp, Townsend Ltd of Hong Kong, the National Development Bank and the International Finance Corporation (IFC). Sri Lanka’s Metropolitan Group is a local partner and stakeholder in the venture. India’s MTNL abandoned plans to acquire Suntel in May 2009.

Sri Lanka, Etisalat Lanka, Etisalat UAE, Suntel (now part of Dialog)