It was reported that Lycamobile owner Subaskaran Aliraja, who has become the ultimate owner of three radio and television channels in Sri Lanka, has offered to buy state-owned shares in Sri Lanka Telecom PLC and Lanka Hospital PLC.

The Cabinet approved to sell the shares owned by the state in these two companies.

In a notification to the Colombo Stock Exchange, Sri Lanka Telecom PLC and Lanka Hospital PLC said that the sale of these shares will take place as recommended by the State Enterprise Reform Unit established under the Ministry of Finance, Economic Stabilization and National Policy.

The Treasury holds 49.50% of the issued share capital of Sri Lanka Telecom PLC.

Meanwhile, 51.34% of the share capital of Lanka Hospital PLC is held by the Sri Lanka Insurance Corporation on behalf of the State.

How Aliraja owned TV & Radio channels!

Aliraja is currently the owner of EAP Broadcasting Networks which operates two television channels including Swarnavahini and 3 radio channels.

He also owns Sky Media Networks that operates two TV channels including Sitha TV and 3 Radio channels as well as Max Broadcasting Networks which operates one TV channel and radio channel each.

Although arrangements have been made to show this as a local investment, it is said that this is completely a foreign investment.

However, economists are of the opinion that Aliraja, who has made huge investments in