Business

Dialog receives $ 250 m investment from Malaysian parent Axiata

Axiata Group Berhad has signed an agreement to invest $ 250 million (Rs. 45.3 billion) in its subsidiary Dialog Axiata PLC, Sri Lanka’s leading mobile telecom services provider, The Sunday Morning Business learns.

Market sources told us that this agreement was signed on Friday (14). The cash infusion is to be made in phases by Axiata over a 3-year period for Dialog’s network expansion and new product development.

This is the largest investment in Dialog by its parent since US$ 175 million (LKR 24.6 Billion) was invested in 2015 through the Board of Investment (BOI).

Axiata Group Berhad is Asia’s second largest Telco and is the largest foreign direct investor in Sri Lanka.

Dialog Group announced its consolidated financial results for the year ended 31st December 2019 on Thursday (13), continuing its growth momentum across all business segments including Mobile, Fixed Line, Digital Pay Television and International and Tele-infrastructure businesses to record a consolidated revenue of Rs. 116.8 billion, a growth of 7% Year-to-Date.

The Group revenue resumed growth trajectory on a Quarter-on-Quarter basis to record at Rs. 29.7 billion, up 2% and 4% Year-on-Year for Q4 2019.