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Sri Lanka Telecom (SLT) is purchasing a 75% stake in a Pan-European prepaid telecom organization at a price of US$ 1 million on account of "inordinate delays" at the Telecommunications Regulatory Commission (TRC) to obtain a wi-max license, SLT has said in a Stock Exchange filing.
The company said that the SLT board decided to acquire 75% of Sky Network (Pvt) Limited, a company incorporated in Sri Lanka by the Lycatel Group, a Pan-European prepaid telecommunication organization to carry on operations in Sri Lanka, "in order to secure access to their wireless broadband frequency."
"By teaming-up with Sky Network SLT could leverage on its islandwide infrastructure for the provisioning of wireless broadband applications such as IPTV, video on demand, educational services etc. to the mass market," SLT said.
SLT currently uses ADSL technology for its broadband services, the company explained in its filing.
It said that it resorted to the option of taking 75% of the company that had already been granted a wireless broadband frequency "as a license for wi-max operations from the TRC has seen inordinate delays.’’
