Dialog up investments in Sri Lanka
The setting up of a stable government, will see a revival of foreign
investments in the country, Chief Executive Officer, Dialog, Hans
Wijayasuriya told guests following the ‘ringing of the opening bell’
ceremony at the Colombo Stock Exchange to mark 10 years of the opening
of its share issue on the CSE. The Initial Public Offering (IPO) of
Dialog Axiata was the largest on the CSE at that time.
“From 2005 to 2009 there was political uncertainty as the civil war
escalated and the market weathered the period.
Dialog which is unconcerned about uncertain times, has invested US$
1.7 billion in Sri Lanka and this year so far about $ 40 million has
been invested on infrastructure,” he said.
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The bell ringing ceremony at the CSE last week: From left:
Director, Dialog Axiata PLC (DIAL) and CSE, Moksevi Prelis,
Director and Group Chief Executive, DIAL, Dr. Hans
Wijayasuriya, Chairman, DIAL, Datuk Azzat Kamaludin,
Chairman, CSE, Vajira Kulatilaka and CEO, CSE, Rajeeva
Bandaranaike. Pic: Chintaka Kumarasinghe |
“With political uncertainty out of the way we will see a revival of
foreign investments and growth. We have been investing aggressively this
year. It was vital that business activities continue as usual during the
current period of political uncertainty,” Wijayasuriya said.
“Dialog’s investment in the Bay of Bengal submarine cable project
will ensure abundant availability of international bandwidth to Sri
Lanka’s ICT sector and broadband consumers alike.
One third of the investments so far this year have been diverted to
the setting up of a new submarine cable to increase internet bandwidth,”
he said.
“We will tap into the connection from East Asia to the Middle East.
Our investment is for a path from that line into Sri Lanka. This won’t
increase the speed of the internet but it will provide greater bandwidth
to customers. Fluctuation in speed or downtime between peak and off peak
times would greatly decrease, providing a smooth quality in service,”
Wijayasuriya said.
Other investments for the year will focus on the laying of further
fibre optic cables and setting up new transmission centres to increase
coverage. Positive consolidation of telecommunication operators must
take place for the industry to thrive in the country. “The market is too
small to have four or five operators in Sri Lanka. It’s natural to
consolidate. The company will further invest in the 3G and 4G sphere
while cushioning high growth revenue generating areas to achieve future
growth aspirations,” he said
“Dialog Axiata PLC has made significant contributions to the CSE over
the years, in disseminating information to expand the Sri Lankan
investor base. They have also helped in our overseas investor fora,”
said Chairman, CSE, Vajira Kulatilake. Making a corporate disclosure to
the CSE in 2013, Dialog Axiata said that it would invest $30m in a
project to bring a new submarine internet cable to Sri Lanka, which
would link the country to high speed hubs in India and Singapore.
- RJ
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