Saturday, 16 February 2019 06:17

Sri Lanka’s colonial–era firm MTD Walkers gets a face lift

A very strong and financially sound consortium of Indian and Japanese investors have taken up the challenge of giving a face-lift to MTD Walkers PLC., one of the oldest and largest construction companies in Sri Lanka

This company listed in the Colombo Stock Exchange (CSE) is set to undergo a super change in its business operations covering a range of sectors including civil, marine and heavy engineering, power generation as well as real estate and trading, following the infusion of US $25 million by the new investors, stock analysts said.

The renowned Indian & Japanese investor consortium will be taking over the ownership of MTD Walkers from Malaysia’s MTD Capital Berhad shortly in a transparent share transaction in the CSE dispelling unwarranted rumors spread by interested parties, company sources said.

This move will strengthen the company’s standing whilst also offering it international scope for expansion of its construction potential while bringing much needed foreign exchange into the country ,a leading local investment facilitator closely connected to the transaction emphasized.

Lanka News web reliably learnt that Supreme Global Holdings led by R.M.Manivannan has stepped in to manage the company with the new investors within the next few days.

This action will boost foreign investor confidence which was on the verge of diminishing as a result of negative publicity given by interested parties with the intension of tarnishing the image of Sri Lanka, several moderate economic experts said.

MTD Walkers PLC‘s civil engineering portfolio includes roads and highways, buildings, bridges, irrigation, land reclamation, piling, and water supply and drainage.

It is also involved in the development of residential apartments, commercial buildings and mixed development properties. It has a portfolio of infrastructure-related businesses, including mechanical engineering, electrical engineering, pile construction and real estate development.

Its subsidiaries included Walker Sons & Company Ltd, Northern Power Company (Pvt) Ltd, Walkers CML Properties (Pvt) Ltd and Colombo Engineering Services (Pvt) Ltd, among others.

(LI NEWS)

Last modified on Saturday, 16 February 2019 08:57

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