Colombo-Katunayake Highway construction to get underway

Saturday, 1 January 2011 00:39 - - {{hitsCtrl.values.hits}}

CML-MTD Construction LTD wins subcontract

In keeping with the Government’s acceleration to facilitate world class road networks across the country, CML-MTD Construction Limited has been awarded the subcontract to build the much anticipated Colombo- Katunayake expressway.

As one of the top-rated general contractors in the country specialising in rail and road bridges, road reconstruction and construction of marine revetments and structures and in earth moving, the company will undertake subcontract work for the construction of the 26 kilometre roadway, which is expected to be completed by end 2012.

Dian Jayasuriya, Managing Director of CML Construction, said: “We are committed to the Government’s vision of developing world-class highways in Sri Lanka. Our expertise in quality, which is evident in the many islandwide projects that we have successfully completed, is a testament of our strength as one of the best in the business.”

The company has received the highest C1 grading in three construction sectors, namely highways, bridges, dredging and reclamation. The company also has received ISO-9001:2000 quality standard certification for earth moving and land grading, roads, road bridges, railway bridges, industrial parks, irrigation systems, storm water drainage, port construction and building of revetments, sheet piling, concrete pile driving, pre-cast concrete products, industrial mining, quarrying and crushing since 11 February 2000.

MTD Walkers Plc is Sri Lanka’s only listed, full-fledged engineering and infrastructure development company, carrying out a comprehensive restructuring to consolidate its group investments. As a part of this restructuring, MTD Walkers announced a Rights Issue of up to 108.6 million shares (in the proportion of 19 new ordinary shares for each existing share) at Rs. 33 per share. The new shares are on offer to MTD Walker’s shareholders for subscription till 3 January 2011.

The rights issue will capitalise the liabilities of the company resulting from the acquisition of 100% of Northern Power Company Private Limited, a 30 MW HFO power plant located in Chunnakam, Jaffna as the largest provider of electricity to the Jaffna peninsula, CML MTD Construction Ltd. and other companies.

The balance of the Rights Issue proceeds will be used for capital expenditure and working capital requirements of the MTD Group of Companies.