In a disclosure to the Colombo Stock Exchange (CSE), the Board of MTD Walkers PLC has informed that leading business magnet Dr. Arosha Fernando has signed the Share Sale & Purchase Agreement (SSPA) to acquire 90% of the shareholding of MTD Walkers PLC from MTD Capital BHD of Malaysia under his investment arm, Lakma Holdings Pvt Ltd subject to a legal due diligence by Nithya Partners who are the leading law firm in Sri Lanka for corporate acquisitions and mergers and a financial due diligence by PriceWaterhouseCoopers (PWC), a multinational firm with its headquarters in London, UK.
On May 6 this year Dr. Arosha was appointed to the board of MTD Walkers PLC as its Group Director by MTD Capital BHD of Malaysia, and in 3 months period he has moved himself to acquire the entire group of MTD Walkers PLC which currently has 26 subsidiary companies. This includes Walkers Shipyard, Northern Power Plant, Fort Heritage Hotel, Walkers Properties, CML Construction etc.
Dr. Arosha is expected to assume duties as the Chairman and Group MD / CEO of MTD Walkers PLC soon after the completion of the due diligence and planned acquisition.
Maduka Jayawardhana of Corporate Advisory & Capital Markets Division at the Merchant Bank of Sri Lanka (MBSL) has initiated and coordinated the said acquisition on behalf of MBSL.
‘In a strategic partnership with our UK based investment firm, Lakma Holdings is currently in discussions of acquiring another major construction company, an automobile manufacturing firm, telecommunications service provider, a five star city hotel and a resort hotel too for Lakma Holdings to become a leading conglomerate in Sri Lanka time to come’ said Dr. Arosha explaining his future investment plans.
‘We are intending to settle all the debtors in stages, and restructure the Walkers Group of Companies soon after the acquisition’ Dr. Arosha further added.
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