The Web Sri Lanka In Focus

Monday 10 March 2008

Court allows NTT to sell Sri Lanka Telecom stake

Sri Lanka's Supreme Court on Monday allowed Japan's Nippon Telegraph and Telephone Corp. (9432.T: Quote, Profile, Research) to sell its stake in Sri Lanka Telecom SLTL.CM after a lengthy legal battle.

"The (court) order was that the NTT has the freedom to sell whatever the shares, in the open market, to anyone they want to," said Nilanthi Peiris, a lawyer who appeared on behalf of petitioners.

On June, 14, 2007, the Supreme Court blocked NTT from selling a 25.3 percent Sri Lankan Telecom stake to a foreign company. (Reporting by Ranga Sirilal and Shihar Aneez)

Source: Reuters