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Message: <blockquote data-quote="nuwanga116" data-source="post: 6764804" data-attributes="member: 123004">LBO>>ICTArabian Link20 Oct, 2009 15:00:21Sri Lanka Tigo says to expand with Etisalat investmentOct 20, 2009 (LBO) - Sri Lanka's Tigo celco said it will expand its services and coverage following its acquisition by Etisalat, the United Arab Emirates-based telecom firm.Tigo Sri Lanka chief executive Dumindra Ratnayaka said Etisalat had acquired 100 percent of the Tigo Sri Lanka operation from Millicom International."We have been seeking this kind of backing of a well resourced international operator to take our Sri Lanka operations to the next level, and Etisalat’s experience, technology, financial standing and commitment to developing markets such as ours will help us do that," he said."Sri Lankan consumers will benefit in terms of investments in product and service development and fullest expansion of our services to every part of the island."He assured subscribers of further improvements given Etisalat’s investments in various telecom technologies, its work in the integration of voice, data and video, its telecom training centres and technology transfers and widespread roaming agreements.Ratnayake in a statement also said there will be no change in the local management and staff.The statement also quoted Etisalat Chairman Mohammed Hassan Omran as saying the acquisition of Tigo is part of the firm's international investments strategy."Entering the Sri Lankan telecom market is a logical addition to our interests in the Asia continent. The acquisition promises attractive returns as the Sri Lankan Government is increasing its effort to promote foreign investment in all sectors."Omran said the acquisition is "of a mature operator with a strong reputation for its good network and quality of service."He also said it also offers opportunities for synergy with other Etisalat operations in the region, particularly in the UAE, Saudi Arabia and India."We also plan to invest in this company to ensure that it has the dynamism to take the leading position in the market in the next few years and that it continues its effective role in the development and growth of the telecommunications sector in Sri Lanka."Etisalat stands 140th among the Financial Times Top 500 Corporations in the world in terms of market capitalization, and is ranked by The Middle East magazine as the second largest telecommunications company in the Middle East in terms of capitalization and revenues.Etisalat has been in the telecom business in the UAE since 1976 and now has over 90 million subscribers across 17 countries.</blockquote>

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