The government has decided to separate Mobitel from SLT as it is keen to streamline its portfolio of investments, official sources said.
Therefore it will exit partially or fully from those non-strategic investments several state owned enterprises including Mobitel by listing such investments in the Colombo Stock Exchange.
The monies generated through such listings will be used to retire high cost debt accrued by the Rajapaksa regime, an official said.
A statement from the SLT group said annual profit growth was driven by an increase in revenue of both fixed ICT and Mobile segments reaching a total of Rs73.8 billion.
“The decision to make continuous investments in data and broadband related products providing superior experience in quality and speed at competitive rates is reflected in the revenue increase,”the statement added.
Mobitel, Sri Lanka's National Mobile Service Provider, which started operations in 1993, became a wholly owned subsidiary of SLT in October 2O02.
In January 2004, the company launched its fully-fledged 2.5G GSM network that is EDGE/GPRS enabled and designed to operate on dual band. In December 2007, the company launched its 3.5G HSPA network - the first Super 3.5G network in South Asia.
Further, Mobitel successfully demonstrated HSPA + MIMO technology with down link speed up to 28.8 Mbit/s and carried out successful trial of 4G/LTE technology with downlink speed exceeding 96 Mbit/s, for the first time in the South Asian Region.
Investments committed to date in the 2.5G/3.5G/4G networks and service offering amounts to over US$ 500mn.