Share buyout of MTD Capital Bhd. by Ravindranath Wijeratne Chairman of Rank Holdings and owner of diversified companies is expected to take place this week.
Wijeratne has agreed to purchase the majority shareholding of MTD Capital Bhd. (152,183,583 shares) according to a release from the company. MTD Walkers informed that it has received a letter from Wijeratne stating he has agreed to purchase the majority shareholding of MTD Walkers. Wijeratne had served on MTD Walkers Board previously.
Walkers Sons and Company originated in 1854 in Kandy as John Walker & Co. and was British owned and is the seventh oldest company in Sri Lanka possessing a robust portfolio of infrastructure related businesses including Civil Engineering, Mechanical Engineering, Electrical Engineering, Pile Construction, Power Generation, Marine Engineering and Real Estate.
The second largest shareholder of MTD Walkers Kiran Atapattu said that the decision by Sri Lanka entrepreneur, Wijeratne to buy out shares from foreign shareholders (Malaysian) is remarkable especially at a time when other local entrepreneurs are having second thoughts of investing.
“Hence this buyout also gives out a positive message of confidence to the local economy”.
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