SLT completes sale of SLT Campus for Rs. 410 m

Wednesday, 26 January 2022 04:47 - - {{hitsCtrl.values.hits}}

Sri Lanka Telecom yesterday completed the sale of 100% control of SLT Campus Ltd. to Tempest Two Ltd., a consortium of investors, for Rs. 410 million.

The impending sale was first announced in mid-December. In SLT’s accounts, the investment in the campus venture is stated at Rs. 390 million.

The transaction was also described as a management buyout backed by Tempest Two involving several high-net-worth individual investors from the IT and education sectors as well as other sectors.

The current investors are keen on letting SLTC function its academic operation entirely through SLTC’s current Governing Council which consists of senior academics and eminent persons and for SLTC to be managed primarily through its Executive Committee.

The move is in order to launch SLTC towards its ultimate objective of being Sri Lanka’s first and most recognised research-oriented university.