SLT floats property management subsidiary

Sri Lanka Telecom (SLT) has incorporated another fully owned subsidiary, SLT Property Management (Pvt) Ltd (SLT PML).

SLT floated this new subsidiary to focus on property management to streamline and maximise the use of the group's extensive property portfolio scattered islandwide, including all the main cities.

The main focus will be to develop SLT properties through joint ventures and partnerships.

The company will also look at opportunities available to lease or hire its facilities and venues to different parties for various purposes such as trainings, seminars, workshops, recreational purposes and for other business activities.

Given the growing demand for property in Sri Lanka, it was strongly felt that such unused or under-used lands could ideally be channelled towards more lucrative avenues that would not only enhance the value of the property, but also have a positive impact on the SLT Group's bottom line.

The broader mission of SLT PML is to realise the maximum benefits from SLT's present and future properties. SLT PML anticipates fulfilling a broader vision in the years ahead, by being "the most sought after partner for investment properties in Sri Lanka."

Chairman, SLT Group Nimal Welgama said, "SLT's progress has remained above par, regardless of the highly competitive nature of the business environment that we operate in. The telecommunication industry is perhaps the fastest changing within the global economy, which makes it one of the most challenging yet exciting experiences."

"In this landscape, companies such as ours must constantly reinvent our offerings and explore new opportunities to add value to our shareholders and creating a business that consistently fulfils the aspirations of the investors. Through SLT PML, we are further diversifying our business into non-telco areas to bring new revenue to our group to ensure a better return to our stakeholders," he said.

Group CEO, SLT, Lalith de Silva said, "With this new initiative, we look forward to support local and foreign investors willing to join SLT for any viable joint venture in the future.

We believe SLT's property portfolio has a high economic and market value which will have a growing demand in the future aligning to the country's economic and business development agenda."

"Our strategy is to monetise every asset of the company to maximise returns and thereby increase group value. We are confident that as a Group, SLT PML will set a new trend in property management with its professional service that would bring benefits aligned with the government's vision for growth of the economy through the five hub concept," he said.

CEO, SLT Property Management (Pvt) Ltd, Prabath Gunathunga said, "We look forward to benchmarking SLT PML locally and internationally as professionals in the management of properties in Sri Lanka."

"We are confident that SLT PML will be a trustworthy property management partner in Sri Lanka for local and foreign investors," he said.

In terms of Sri Lanka's roads, rail network, airports and ports, the infrastructure has been built and is being developed further. This, alongside with new regulations that are becoming clearer provides investors a stronger platform within which to start making investments.

The country's improved road network and enhanced accessibility on land will provide advantages to the property development process. Availability of energy, electricity and communication facilities are the other key concerns of investors.

Overall, this investor-friendly peaceful environment will not only help in improving the productivity of the workforce but also would support in bringing up Sri Lanka's ranking in the 'Ease of Doing Business' index while helping to enhance the image of the country.