SLTC divests from Sri Lanka Telecom in management buyout

Friday, 17 December 2021 04:07 - - {{hitsCtrl.values.hits}}

A management buyout backed by Tempest Two Ltd. is gearing to acquire SLT Campus Ltd. (popularly known as Sri Lanka Technological Campus) from Sri Lanka Telecom PLC.

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

Having been initiated and funded by SLT, SLTC has reached a formidable position in the higher education industry within a short span of five years, having recently won the ‘Most Emerging Education Institute’ in South Asia Award in 2019.

As it is imperative that an education institute is independently governed to ensure autonomous and steady growth, the management of SLTC sought to distinguish SLTC from SLT.

Considering the propositions of the management, SLT opted for this divesture which is now taking shape.

The current investors who are well known in the education spheres 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 management of SLTC is confident that SLTC will be better placed to establish its identity and achieve its five-year business plan more efficiently through this divesture and the independence that SLTC gains as a result.