Malaysia’s Axiata rings fresh $ 115 m investment

Tuesday, 1 April 2014 01:35 - - {{hitsCtrl.values.hits}}

Dialog reinforces position as BOI’s largest investor with cumulative investment of $ 1.7 b

Sri Lanka’s largest foreign direct investor, Dialog Axiata PLC, enhanced its commitment to the development of the nation’s ICT infrastructure, penning agreements with the Board of Investment last week to invest a further $ 115 million (Rs. 15 billion) to expand its nationwide telecommunications networks and digital satellite television services. A member of the Axiata Group Berhad, Dialog Axiata PLC and its fully-owned subsidiary, Dialog Television Ltd. will invest $ 115 million to facilitate the expansion of the multi-faceted ICT infrastructures of the Dialog Group, including, but not limited to, 4G and 3G high-speed broadband, disaster recovery, technology modernisation and upgrades, etc. The Axiata Group is Asia’s second largest telecommunications group with over 230 million subscribers spanning seven markets in Asia. Axiata has been a committed and consistent investor in Sri Lanka since 1994 and has invested a total of $ 1.6 billion (Rs. 208 billion) in the country to-date, driving Sri Lanka’s ICT infrastructure to a level on par with the developed world and making it the largest foreign direct investor operating under the aegis of the BOI. The most recent investment of $ 115 million would drive the value of the total investment of the Dialog Group to a cumulative figure in excess of $ 1.7 billion (Rs. 223 billion). Dialog has been at the forefront of innovation in the Sri Lanka’s ICT sector and operates the country’s largest and fastest growing telecommunication network with over 8.7 million mobile subscribers and a rapidly growing subscriber base in high speed fixed broadband and digital television sectors.