| |
|
----------------
|
-------------------------------- |
|
| |
|
|
Holding |
1999 |
1998 |
|
| |
|
|
Percentage |
No.
of Shares |
No.
of Shares |
|
| |
|
|
---------------- |
---------------- |
---------------- |
|
| |
Government
of Sri Lanka (GOSL)
|
|
61.5%
|
1,109,988,900
|
1,109,988,900
|
|
|
NTT
Communications Corporation (NTT)
|
|
35.2%
|
635,076,318
|
631,701,000
|
|
| |
Employees and others
|
|
3.3%
|
59,794,782
|
63,170,100
|
|
| |
|
|
|
---------------- |
---------------- |
|
| |
|
|
|
1,804,860,000
|
1,804,860,000
|
|
| |
|
|
|
---------------- |
---------------- |
|
| |
On
5 August 1997, the GOSL, the sole shareholder
as on that date, divested 35% of the shares in
SLTL, amounting to 631,701,000 ordinary shares,
to NTT under the privatisation programme.
On
2 July 1998, the GOSL further divested 3.5% of
the shares in SLTL, amounting to 63,170,100 ordinary
shares to the employees of SLTL.
On
7 June 1999, SLTL employees sold 0.2% of their
shares to NTT Corporation.
On
22 March 2000, NTT Corporation transferred the
full amount of its shares in the Company to NTT
Communications Corporation.
|
|
| |
|
|
|
|
|
|
| |
21.
Capital Reserves
|
|
|
|
|
|
| |
|
|
| |
Capital
reserves include capital reserve arising on the
acquisition, in 1996, of 15,170,640 shares in Mobitel
(Private) Limited, a joint venture cellular telephony
company (refer note 9).
|
|
| |
|
|
|
|
|
|
| |
22.
Advances toward Share Capital
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
Up
to 31 December 1999, SLTL had received customs
duty waivers of Rs. 3,010 million (1998 - Rs.
3,010 million) on equipment imported for the 150,000
Line Project. In preparing these financial statements,
the sum of Rs. 3,010 million representing the
value of customs duty waived has been added to
the value of capital work-in-progress (and subsequently
capitalised into property, plant & equipment)
and credited to Advances toward Share Capital,
because in accordance with the agreement with
the Government of Sri Lanka (GOSL) all such customs
duty waivers under this project would have to
be treated as equity capital contributions by
the GOSL.
Following
the change in the accounting policy for Goodwill,
the value of Goodwill which was to have been amortised
over a period of 5 years commencing from 1 January
1997, was set-off against the Advances toward
Share Capital up to the value of the latter amount,
and the unabsorbed amount has been expensed to
the income statement in 1997.
|
|
|
