Tigo Sri Lanka CEO Dumindra Ratnayaka confirmed that Emirates based telecom giant Etisalat had acquired 100% of the Tigo Sri Lanka operation from Millicom International.
Etisalat stands 140th among the Financial Times Top 500 Corporations in the world in terms of market capitalization, and is ranked by The Middle East magazine as the 2nd largest telecommunications company in the Middle East in terms of capitalization and revenues. Etisalat has been in the telecom business in the UAE since 1976, and having built up a modern telecom infrastructure and established itself as an innovative operator there, it has extended operations into Egypt and Saudi Arabia in the Middle East and further into Asian markets such as India, Pakistan, Afghanistan, Indonesia and now Sri Lanka, recording over 90 million subscribers across 17 countries.
Commenting on the acquisition, Etisalat Chairman Mohammed Hassan Omran said: “This new acquisition is a clear example of Etisalat’s international investments strategy of seizing distinctive growth opportunities and maximizing value to shareholders. Entering the Sri Lankan telecom market is a logical addition to our interests in the Asia continent. The acquisition promises attractive returns as the Sri Lankan Government is increasing its effort to promote foreign investment in all sectors. The acquisition is of a mature operator with a strong reputation for its good network and quality of service. It also offers great opportunities for synergy with our other operations in the region, particularly in the UAE, Saudi Arabia and India. We also plan to invest in this company to ensure that it has the dynamism to take the leading position in the market in the next few years and that it continues its effective role in the development and growth of the telecommunications sector in Sri Lanka."
Dumindra Ratnayaka said that he is delighted with this development. “We have been seeking this kind of backing of a well resourced international operator to take our Sri Lanka operations to the next level, and Etisalat’s experience, technology, financial standing and commitment to developing markets such as ours will help us do that.”
“What is important is that Sri Lankan consumers will benefit in terms of investments in product and service development and fullest expansion of our services to every part of the island. Given Etisalat’s investments in various telecom technologies, its work in the integration of voice, data and video, its telecom training centres and technology transfers and widespread roaming agreements our consumers can be assured of further improvements and value additions to our service in the future” he added.
He confirmed that there will be no change in the local management and staff and that the Tigo team is excited about the new prospects and the boost they would receive to continue their good work in delivering the best in customer service, coverage and affordable and attractive products to their customers.