Shares in Sri Lanka’s state run Sri Lanka Telecom, the country’s top landline phone company, fell 7.8 percent on Friday during trades after a statement from a government MP opposing SLT’s proposed privatization.
The profit-making company is a key state owned enterprises listed to be privatized under proposed reforms in line with International Monetary Fund’s conditions. SLT shares were down during early afternoon trading on Friday.
“The prices went down only after the statement reached investors. Earlier SLT was expected to be more profitable if privatized as planned,” a stockbroker said asking not to be named.
(EconomyNext)