Sri Lanka Telecom’s newest major shareholder, Maxis (through Global Telecommunications Holdings NV-GTH) is mulling over plans to invest US$600 million in other major infrastructure projects in Sri Lanka.
Maxis officials said this decision was recently conveyed to President Mahinda Rajapaksa but the Malaysian company is now undecided after its bitter experience of not being able to gain management control of the SLT after securing a stake of over 30 %.
The SLT board of directors including the four representatives of Maxis have selected an Australian national to the post of SLT CEO through a global head hunting search but the appointment is yet to be finalised due to differences of opinion among board members.
The Sunday Times FT reliably learns that even if the appointment is approved, the new CEO will only have the powers of the Chief Operations Officer who has limited management control. Under the previous shareholders agreement with NTT of Japan, the foreign partner was allowed to hold the CEO post with full administrative and financial authority. The new shareholders agreement is yet to be finalized, informed sources said. SLT officials declined to comment but they said a press release will be issued after the appointment of the new CEO .
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