Sri Lanka’s Dialog Axiata to invest US$152.4mn mobile network

ECONOMYNEXT – Sri Lanka’s Dialog Axiata Plc, a unit of Malaysia’s Axiata said it will invest 152.4 million US dollars to expand its mobile and fibre networks.

The group had inked a deal with Sri Lanka’s Board of Investment where Dialog Axiata will invest 112.8 million US dollars and its subsidiary Dialog Broadband Networks (Pvt) Ltd will invest another 39.6 million dollars.

The money will go to expand rural 4G-LTE in networks in rural areas, deep-indoor coverage, IP and fibre networks and further development of its Wi-Fi and fibre networks.

Shahril Ridza Ridzuan, Chairman of Axiata Group Berhad said Sri Lanka was considered to be a key innovation hub for the group.

The agreements were signbed by between Dialog Axiata PLC and Dialog Broadband Networks (Private) Limited and the BOI were signed by Supun Weerasinghe, Group Chief Executive of Dialog Axiata and Raja Edirisuriya, Chairman, Board of Investment of Sri Lanka.

Dialog was the largest foreign investor in the country, there were “opportunities available in Sri Lanka to foreign investors who believe in and are willing to invest in the nation with a focus of capturing long-term value,” Edirisuriya was quoted as saying in the statement. (Colombo/Sept19/2022)

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