Etisalat had a 100% stake in Etisalat Lanka.
Etisalat has sold Sri Lankan mobile network operator Etisalat Lanka to Hutchison Telecommunications Lanka (Hutch Lanka).
Under the terms of the new deal, CK Hutchison Holdings Limited will have a majority and controlling stake of 85%, whilst Etisalat will have 15% ownership of Hutch Lanka.
The move follows an April 2018 agreement between Etisalat and Hong Kong’s CK Hutchison to merge Sri Lanka’s third and fourth largest cellcos. The newly enlarged entity, which will have a combined mobile subscriber market share of 27% of the Sri Lankan market, according to TeleGeography’s GlobalComms Database, still trails leader Dialog Axiata (44%) market share. Mobitel has an estimated 21% market share, while Bharti Airtel’s local unit has an estimated 8% market share.