Dialog completes Suntel buy; reconstitutes Board

Dialog Axiata Plc yesterday said that it has concluded the acquisition of Suntel Ltd and has reconstituted the Board of Directors.

The acquisition of 100% stake in Suntel Ltd., was via Dialog Axiata’s fully owned subsidiary Dialog Broadband Networks Ltd.

“Final conclusion of the acquisition of shares has been completed on the fulfillment of the conditions precedent to the transaction as stipulated in the Share Purchase Agreement,” Dialog Axiata said.

As per its original announcement in mid-December, the agreement envisaged the transaction to be completed at an enterprise value in the range of $ 33.9 million to $ 34.9 million.

Dialog stock price yesterday closed unchanged at Rs. 7.20 after hitting a high of Rs. 7.30.

Following this, a newly reconstituted Board of Directors of Suntel was appointed comprising Dialog Axiata Group CEO and Director Dr. Hans Wijayasuriya, Director Moksevi Prelis and Ms. Moi Tsu Tan.