Govt. mulls listing tallest telecom tower with Rs. 11 b Chinese loan via IPO

By Deepal V. Perera

The Telecommunication Regulatory Commission (TRC) said yesterday that construction work on the country’s tallest telecom tower was expected to start next month.

The iconic tower is being built at the cost of Rs. 11 billion and once construction is completed, the Government is expected to list the project on the stock market. “Currently we are waiting for the BOQ report from the Chinese contractors and once approved by our engineers, we will start construction by next month. Thereafter the entire project will be ushered into a new business entity, with people invited to become a shareholder in the project,” TRC Director General Anusha Palpita told Daily FT yesterday.

Palpita said that the cost of the entire project would be borne by the EXIM Bank of China under a loan facility extended to TRC.

“We are capable of paying off that loan on our own without any burden to the Government,” he added.

According to TRC, the tower could be used by television, radio and telecom firms to transmit signals and would also feature restaurants and a theme park, which the public could enjoy.

The proposed 250-meter tall telecom tower would be built in Peliyagoda at the northern edge of Colombo, on a two acre plot of land belonging to the State Engineering Corporation. It would have two revolving restaurants and public viewing galleries.

TRC said that contractors had assured the project would be completed within 18 months.