Etisalat Group announced that it has completed the sale of its 100% shareholding in Etisalat Lanka (ESL) to Hutchison Telecommunications Lanka (Hutch Lanka).
Upon completion of the sale, Hong Kong's CK Hutchison will have a majority and controlling stake of 85% whilst Etisalat Group will have 15% ownership of Hutch Lanka.
April this year, both the companies entered into a definitive agreement to merge their mobile telecommunications businesses in Sri Lanka.
The combined business of Hutch Lanka and ESL will be better positioned to serve their Sri Lankan customers. This transaction is part of the stated strategy of portfolio optimization of the Etisalat Group.
