By Thushantha JayatilakaConstruction and Engineering giant MTD Walkers PLC is to expand operations on all of its subsidiaries in the current year. This comes in the wake of the recent rights issue valued at Rs 3.5 billion which was fully subscribed by the shareholders.
The company plans to expand and consolidate its current subsidiaries of Walkers Piling and Walkers Engineering. Two new piling machines worth Rs. 200 million has been ordered and two more are in the pipeline in expectation of the construction boom, said Viraj DeSilva Chief Financial Officer MTD Walkers.
Further he added that the engineering workshop will be upgraded and new machinery would be added with modern technology in view of expanding operation to new sectors such as irrigation and water supply projects.
"We have already tied up with foreign collaborators for these new ventures" said De Silva.
Walkers shares showed a dramatic downward trend in the market recently, and the Colombo Stock Exchange intervened by setting a 10% price band on the shares. Commenting on the share fluctuation their Chief Financial Officer said "We are not worried about that. After the rights issue there were plenty of shares in the market and there was selling of shares. There is no problem and the shares are highly liquid."
Furthermore the company is to diversify its interest and looking for strategic investments in the future. Public/Private partnership projects are in the process and will be divulged to the public once necessary agreement is reached, De Silva said.
source - www.dailymirror.lk
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