The cabinet of Ministers approved the combined proposal presented by Minister of Finance and Minister of Telecommunications, Foreign Employment, and Sports to advice the government owned Businesses and Contributory Funds namely, Employees Provident Fund, Sri Lanka Insurance Corporation ltd, National Savings Bank, Bank of Ceylon, Employees’ Trust Fund and People’s Bank to Invest in Sri Lanka Telecom Share Capital.

Accordingly, this will strengthen state shareholdings in Sri Lanka telecom and pave way for state-run funds and banks to buy Sri Lanka Telecom stock to meet a public float requirement.

The Securities and Exchange Commission has set a minimum 10% public float.

Meanwhile, in a stock exchange filling today (05) Sri Lanka Telecom PLC stated the following;

“We would like to inform that the cabinet of ministers has approved the joint cabinet memorandum submitted by the ministry of telecommunication, Foreign Employment, and Sports and the Ministry of Finance. Accordingly the State Owned Public Enterprises and captive funds have been directed to invest in the equity of SLT through the private placement subject to the approval of their respective board.”

According to the latest finance report the minimum public float of Sri Lanka Telecom was 5.52%.

The secretary to the Treasury (49.5% )and Global Telecommunications Holdings NV, ( 44.9 % ) are the top two shareholders of SLT .