By Asantha Sirimanne and Anusha OndaatjieOct. 4 (Bloomberg) -- Sri Lanka Telecom Plc, the nation’s biggest fixed-line phone company, may raise as much as $125 million to fund expansion, a company executive said.
“We have received responses to a request for proposals from banks that include selling bonds overseas and syndicated loans,” Chief Financial Officer Shiron Gooneratne said in a telephone interview from Colombo today.
Gooneratne said the company was spending on expanding its network, including in the island’s north and east as the end of the nation’s civil war after almost three decades spurs an economic recovery. The defeat of the Tamil rebels last year has prompted carriers, including the local unit of Bharti Airtel Ltd. and Emirates Telecommunications Corp. to start services in the previously strife-torn regions.
Sri Lanka Telecom, which also operates a mobile-phone unit, is owned by the South Asian island’s government and Malaysian billionaire T. Ananda Krishnan’s Usaha Tegas Sdn. Profit at the carrier more than doubled to 769 million rupees ($7 million) in the three months ended June.
To contact the reporter on this story: Anusha Ondaatjie in Colombo at anushao@bloomberg.net
source - noir.bloomberg.com
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