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
Monday, 10 March 2008
Court allows NTT to sell Sri Lanka Telecom stake
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