Telekom Malaysia confirmed over the weekend that it was planning to seek a listing for its Sri Lankan mobile subsidiary MTN Networks, ending a month of speculation.
The deal is likely to be small and completed by the end of the year. It is thought that not much more than 10% will be sold and most of that will be reserved for local investors and employees. Telekom Malaysia has mandated NDB Investment Bank of Sri Lanka to advise it on the IPO.
According to analysts, if MTN is valued at 22.6 times earnings - which is where Sri Lanka Telecom trades - then MTN is worth...
