NTT Sells Sri Lanka Stake

NTT Communications sells its 35.19% stake in Sri Lanka Telecom to Global Telecommunications Holdings

April 1, 2008

1 Min Read

TOKYO -- NTT Communications Corporation (NTT Com) announced today that the company has executed the sale of 635,076,318 shares of Sri Lanka Telecom PLC (SLT) common stock to Global Telecommunications Holdings N.V. (GTH), a wholly-owned subsidiary of Usaha Tegas Sdn Bhd (UT), a Malaysia-based investment holding company. The transaction, executed today, is valued at 299 million US dollars(29.8 billion yen*)]. The shares represent approximately 35.19% of SLT's total outstanding common stock. As a result of the sale, NTT Com no longer retains any SLT common stock, and will post a special profit of approximately 3.3 billion yen from the sale of the SLT stake.

NTT Communications Corp. (NYSE: NTT)

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