Mobile operator Etisalat, the successor to Celltel, is currently looking at Suntel Ltd for a possible buyout, joining a list of other companies that have been considering acquiring a major stake in the Swedish-controlled firm since 2007.
Sources at Etisalat said they were looking at Suntel and “whether there is a business opportunity for us’. They said the Middle East-led firm is looking for any good investment opportunity in the telecom market with the post-war climate enhancing the prospects
Since 2007, Dialog, Sri Lanka Telecom and a foreign company have been considering the stake from shareholders of Suntel, a pioneer in the CDMA business, who have been planning to divest their shareholdings after being 10 years in the business and following a successful year in 2006.
Swedish telecom giant Overseas Telecom AB, Metrocorp (Pvt) Ltd, Townsend Ltd of Hong Kong, the National Development Bank and the International Finance Corporation (IFC) are the shareholders looking to sell their stake. Sri Lanka’s Metropolitan Group is a local partner and stakeholder in the venture.