Touchwood game with new Board member of football fame

Thursday, 26 September 2013 01:01 -     - {{hitsCtrl.values.hits}}

First it was MP Duminda Silva and now enters football administrator Solomon Kankanamge Dhammika onto the Board of Touchwood Investments Plc. The troubled company yesterday announced a fresh appointment to its struggling Board with the latest entrant being S.K. Dhammika, who is the Vice Chairman of South Asian (7side) Football Association and a Director of Benchmark Education Institute, Matara. The company also announced the resignation of Independent Director A. Ralph Pereira with effect from 24 September 2013. Pereira, an engineer, is the ninth Director to quit the TWOD Board since July 2012. With a stint at Royal Ceylon Air Force, Pereira was trained as an aeronautical engineer for three years at the Royal Air Force School of Technical Training in the UK in 1955. He worked as an Engineer/Factory Manager at Tissa Industries. He is a full member of the Australian & New Zealand Pulp & Paper Institute’s Technical Association and is presently is a Consultant as a Pulp and Paper Technologist. Following his appointment to the Board earlier this week, L. Wijendra Kiwlegama has been made Acting CEO of the Company. He was previously part of the management team as the Business Development Director, as per a filing yesterday with regard to a few errata in the 2012/13 Annual Report of the Company.  That correction too had some errors. For example it stated that Rienzie T. Wijetilleke and D.M. De Silva Wijerathne resigned with effect from 9 July 2013 whereas as per the original filing they quit in July 2012. The TWOD AGM is scheduled for today. In the stock market, TWOD continued to draw retailer interest with 27 million shares changing hands via 2,357 trades for Rs. 96 million. Share price gained by 20 cents or 6% to close at Rs. 3.30. Though up from an all-time low of 90 cents a few weeks ago, the share had suffered a year-to-date loss of over 60%.