Sri Lanka's top mobile operator Dialog Axiata DIAL.CM on Friday signed a $150 million investment agreement mainly to fund a fibre upgrade and broadband network expansion, the company said.
Dialog, a unit of Malaysia's Axiata (AXIA.KL), said the investment will help boost the island nation's information and communication technology sector, which Sri Lanka's government has targeted to help fuel rapid economic growth.
"Dialog entered into an agreement with the Board of Investment of Sri Lanka (BOI) to invest a further $150 million towards the advancement and expansion of ICT infrastructure in Sri Lanka," it said in a statement.
The company has brought $1 billion in foreign direct investment since its inception in 1994, Dialog said. It was listed on the Colombo Stock Exchange in 2007.On Monday, Dialog posted a 1.28 billion rupees net profit in the December quarter compared to a 2.23 billion loss a year ago. [ID:nSGE71A01J]. The company later announced 0.20 rupees per share first and final dividend.
Related Info :
• Telcos Invest $300mn in Sri Lanka as TRC Aims to Up Last Year's Rs120bn Revenue
• Sri Lanka Mobile E-Commerce Service Wins World Summit Award. Dialog Tradenet Text/Voice Price Information Service Empowers Small Farmers
• Dialog Posts Net Profit of Rs 1.69bn for 3rd Quarter of 2010
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