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Integrated infrastructure and engineering solutions provider, MTD Walkers PLC yesterday said it was raising Rs.3 billion through a debenture issue.
Accordingly, the company will issue 25 million rated, senior, unsecured, redeemable debentures with an option to issue up to a further 5 million of said debentures at a par value of Rs.100 at the discretion of the company in the event of an over subscription of the initial issue. The Colombo Stock Exchange has approved in principle an application for listing the debt securities. .
The subscription list of the issue will open on September 28, 2015. The Joint Managers to the issue are NDB Investment Bank Limited and Arpico Ataraxia Asset Management Private Limited. MTD Walkers recently forayed into real estate sector by acquiring the Board of Investment registered local unit of the Malaysian property development company, Wincon Development Ceylon (Private) Limited for Rs.2.2 billion in a 100 percent cash transaction. “Acquiring this through the Rs.2.4 billion rights issue completed in 4Q’15 has completely restructured our balance sheet and we are now ready to support our planned diversification strategy in property development and marine engineering,” MTD Walkers Executive Deputy Chairman, Jehan Amaratunga told Mirror Business in a previous interview.
Courtesy: Daily Mirror 18 September 2015
