SLT divests SLT Campus for Rs. 410 m to consortium of private investors

Wednesday, 15 December 2021 00:26 - - {{hitsCtrl.values.hits}}

Sri Lanka Telecom PLC is to divest 100% control of SLT Campus Ltd. for Rs. 410 million to Tempest Two Ltd., promoters of which are private investors linked to listed and unlisted corporates.

Daily FT learns that Tempest secured the deal competing with a listed and unlisted bidder in a three-corner transparent contest.

The two firms have entered into a Share Sale and Purchase Agreement (SSPA) and the transaction is subject to terms and conditions set forth in the SSPA.

In SLT’s accounts, the investment in the campus venture is stated at Rs. 390 million.

Sri Lanka Technological Campus (SLTC) is a pioneering venture, being the first research-based, fully residential university in Sri Lanka. It is the fastest-growing university in the country, operating 24X7, and has been an innovative step in the Sri Lankan higher education system. The university is financially self-sustaining and has an academic faculty of over 200 and a 1:10 staff-to-student ratio in compliance with international accreditation guidelines.

SLTC became the “Most Emerging Education Institute of the Year” at the South Asian Business Excellence Awards 2019 and was also recognised at the “National Business Excellence Awards 2019” in Sri Lanka.

SLTC offers 25 local undergraduate programs and over 10 foreign academic and research partnership programs in collaboration with some of the highest-ranking universities in the world. The campus has the distinction of housing the largest residential facility in a non-State university. In 2020, the student intake grew by 100% Y-o-Y, and set up the first purpose-built academic facility to promote collaborative research. Over the years, SLTC has received many recognitions and accolades and has more than 20 high-impact publications to its credit.

SLTC was the first university in the country to run a technology-enabled active learning platform and throughout the lockdown period, it was the most active online university in Sri Lanka and the highest data consuming university. All the programs were converted to online formats including examinations, continuous assessments and practicals.