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* Sri Lanka Telecom incorporates new subsidiary to focus on property management
Wed, May 7, 2014, 09:30 pm SL Time, ColomboPage News Desk, Sri Lanka.

May 07, Colombo: Sri Lanka's flagship ICT provider, Sri Lanka Telecom (SLT) has incorporated a new fully-owned subsidiary to focus on property management.

The blue chip company floated the SLT Property Management (Pvt) Ltd (SLT PML) in order to streamline and maximize the utilization of the group's extensive property portfolio scattered island wide, including in all the main cities in Sri Lanka, the company said in a statement today.

The main focus of SLT PML is to develop SLT's own properties through joint ventures and partnerships.

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

SLT said the company's unutilized or under-utilized lands could be channeled towards more lucrative avenues that would enhance the value of the property and also have a positive impact on the SLT Group's bottom line.

Prabath Gunathunga, CEO of SLT PML said the management is looking forward to benchmarking SLT PML both locally as well as internationally as professionals in the management of properties in Sri Lanka.

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

Nimal Welgama, Chairman of SLT Group expressing his views on incorporating the new subsidiary said SLT's progress has remained above par, regardless of the highly competitive nature of the business environment.

"The telecommunication industry is perhaps the fastest changing landscape 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 as a strategy towards adding value to our shareholders and creating a business that consistently fulfils the aspirations of the investors," Welgama said.

Commenting on floating the new subsidiary, Lalith De Silva, Group CEO of SLT said, "With this new initiative, we are looking forward to support local and foreign investors who are willing to join hands with 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."

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