SLT floats property management subsidiary to realise full value

Thursday, 8 May 2014 00:00 -     - {{hitsCtrl.values.hits}}

Sri Lanka Telecom (SLT) yesterday announced the incorporation of yet another fully-owned subsidiary, SLT Property Management Ltd. (SLT PML). SLT floated this new subsidiary to focus on property management in order to streamline and maximise the utilisation of the group’s extensive property portfolio scattered island wide, including in all the main cities in Sri Lanka. The main focus of SLT PML is to develop SLT’s own properties through joint ventures and partnerships. The company will also look at opportunities available to lease/hire its facilities/venues to different parties for different purposes such as trainings, seminars, workshops, recreational purposes as well as for other business activities. The company website enables all interested parties easy access to view its wide range of services. Given the growing demand for property in Sri Lanka, it was strongly felt that such unutilised or under-utilised lands could ideally be channelled towards more lucrative avenues that would not only enhance the value of the property, but also have a positive impact on the SLT Group’s bottom line. Correspondingly, the broader mission of SLT PML is to realise the maximum benefits from SLT’s current and future properties, while focusing on the advancement of the social well-being of people of Sri Lanka. In tandem with this mission, SLT PML anticipates fulfilling a broader vision in the years ahead, by being “the most sought after partner for investment properties in Sri Lanka”. SLT Group Chairman Nimal Welgama expressing his views on incorporating the new subsidiary in to the SLT Group said: “I am indeed proud that SLT’s progress has remained above par, regardless of the highly competitive nature of the business environment that we operate in. The telecommunication industry is perhaps the fastest changing landscape within the global economy, which makes it one of the most challenging yet exciting experiences. In this landscape, companies such as ours must constantly reinvent our offerings and explore new opportunities as a strategy towards adding value to our shareholders and creating a business that consistently fulfils the aspirations of the investors. Through SLT PML Company, we are further diversifying our business in to non-telco areas to bring new revenues to our group to ensure a better return to all our valued stakeholders.” Commenting on floating the new subsidiary, SLT Group CEO Lalith De Silva said: “With this new initiative, we are looking forward to support local and foreign investors who are willing to join hands with SLT for any viable joint venture in the future. We believe SLT’s property portfolio has a high economic and market value which will have a growing demand in the future aligning to the country’s economic and business development agenda. Our strategy is to monetise every asset of the company to maximise returns and thereby increase group value. At present, our company holds a portfolio of lands around the country. Therefore we are confident that as a Group, SLT PML will set the new trend in property management with its professional service that would bring benefits aligned with the Government’s vision for growth of the economy through the five hub concept.” SLT Property Management Ltd. CEO Prabath Gunathunga said: “We are looking forward to benchmarking SLT PML both locally as well as internationally as professionals in the management of properties in Sri Lanka. Also we are confident that SLT PML can be a trustworthy property management partner in Sri Lanka for both local and foreign investors.”