The Treasury Secretary has given undertaking to the Supreme Court (SC) that the government owned shares of Sri Lanka Telecom (SLT) will not be divested before 15 June 2023.

Furthermore, he has also pledged that the ongoing process of divesting is being carried out through lawful means, Ada Derana reporter said.

Earlier, the Secretary to the Treasury had informed the Board of Directors of Sri Lanka Telecom PLC (SLT) and Lanka Hospitals PLC that the Cabinet of Ministers granted approval in principle for the divestment of the stakes held by the Treasury Secretary in the two companies.

Accordingly, he had notified the Board of Directors of SLT and Lanka Hospitals that the Cabinet of Ministers granted its approval in principle for the divestment of the stake held by the Treasury Secretary in the respective companies. 

The companies had announced that they received the approval of the Cabinet of Ministers to sell the shares owned by the Government in Sri Lanka Telecom PLC and Lanka Hospital PLC, which are two companies listed in the Colombo Stock Exchange (CSE), as per the policy decision of the Government.

The Treasury holds a 49.50% stake of the issued share capital of Sri Lanka Telecom PLC.

Meanwhile, a 51.34% stake of the share capital of Lanka Hospital PLC is held by the Sri Lanka Insurance Corporation, representing the Government of Sri Lanka.