MTD Walkers owners say deal with Lakma Holdings off

Friday, 1 January 2021 00:00 - - {{hitsCtrl.values.hits}}

MTD Walkers Plc major shareholder MTD Capital Bhd said that the share sale and purchase agreement dated 20 August signed between them and Lakma Holdings Ltd. had been terminated.

In August the deal was signed with Lakma intending to buy a 90.78% stake held by MTD Capital BHD in the Lankan entity subject to a legal due diligence and financial due diligence by two independent expert firms appointed by Lakma.

MTD Walkers, a construction company engaged in infrastructure-related businesses, has been plagued by financial crisis as well as other issues. Its retained loss as at the end of the financial year ended on 31 March 2020 was Rs. 10 billion, up from Rs. 5.5 billion in the previous year.