Axiata invested RM9b in Sri Lanka

PETALING JAYA: Axiata Group Bhd through its subsidiary Dialog Axiata PLC has invested over US$2.2 billion (RM9 billion) in Sri Lanka to spearhead the rapid development of the nation’s telecommunication industry.

It said in a statement that with the cumulative investments made, Dialog is recognised as the single largest foreign direct investment into Sri Lanka, and as one of the largest corporations in the country.

Axiata also expressed its appreciation to both the Sri Lankan and Malaysian governments for assisting to resolve the issue of Dialog’s broadband network license renewal, one of Dialog’s five main business licenses.

The issue refers to the renewal of the licence of Dialog Broadband Networks (Pvt) Ltd for a further period of ten years with effect from Nov 10, 2015.

Despite the Telecommunications Regulatory Commission of Sri Lanka calling for representation or objection to the granting of licence to Dialog Broadband Networks in early 2016, the renewal has been bogged down by delays which included a challenge by Sri Lanka Telecoms in the courts to restrain the company from providing any Fixed Telecommunication Services including Gigabit Passive Optical Networks Active Solutions operations.

The group’s share price closed unchanged at RM5.35 with some 6.49 million shares changing hands.