Rienzie steps down as Touchwood Chairman

Tuesday, 10 July 2012 01:45 - - {{hitsCtrl.values.hits}}

Veteran banker and business leader Rienzie T. Wijetilleke has stepped down as Chairman and Director of Touchwood Investments Plc with effect from yesterday.

He took up the Chairmanship and the Board position at Touchwood only in January this year. Following the stepping down of Wijetilleke, Roscoe Maloney has been appointed as Chairman of Touchwood. He was the Chairman previously, but stepped down after Wijetilleke accepted the invitation to join the company’s Board.

Maloney is the single largest shareholder of Touchwood with a 16.36% stake.

During FY12, Touchwood Investments Plc posted an after tax profit of Rs. 369 million, up from Rs. 357 million in the previous year. Q4 had produced Rs. 278.3 million in profit, though down from Rs. 426.8 million in the corresponding quarter of last financial year.

This was on account of higher income taxes.

Revenue for FY12 was Rs. 1.38 billion, marginally lower from Rs. 1.46 billion. In Q4, revenue amounted to Rs. 512 million, down from Rs. 976 million in Q4 of FY11.

The Board of Directors of Touchwood Investments comprises Roscoe Maloney (Chairman), S. P. Asitha Koralage, Channa Abeygunawardene, Swarna Maloney, L.L. Kulatunga, A.R. Pereira and D.M. De Silva Wijeyeratne, whilst Alternate Directors are Janath Olaboduwa, Prageeth Herath and Ryan Crowley.