Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) on Tuesday announced that it has completed the combination of its operation with CK Hutchison Holdings Limited in Sri Lanka.
Etisalat Lanka Limited (ESL) and Hutchison Telecommunications Lanka Limited have been merged after securing all necessary approvals, Etisalat highlighted in a statement to the Abu Dhabi Securities Exchange (ADX).
Accordingly, Etisalat holds a 15% stake in the new company, while CK Hutchison has a majority stake in Hutch Lanka, according to the statement.
Etisalat previously reported it achieved AED 6.6 billion ($1.8 billion) in net profits after Federal Royalty between January and September 2018, up 2% year-on-year.
Meanwhile, consolidated revenues increased 3% to AED 39.4 billion during the nine-month period of 2018 from a year ago.
