MTD Walkers to raise Rs. 2.4 b via Rights

Monday, 13 October 2014 00:18 - - {{hitsCtrl.values.hits}}

MTD Walkers Plc has announced it will raise Rs 2.4 b through a Rights Issue for the dual purpose of funding working capital requirements and acquiring equity capital. As per the Board’s decision, MTD Walkers will issue 53.3 million shares at Rs. 45 each. The proportion of the shares will be issued in the ratio of 466 shares for every existing 1000 shares held. The current stated capital is Rs. 3.66 billion represented by 114.4 million shares. MTD Capital Bhd of Malaysia holds 91% stake or 104 million shares in the Company Net asset per share of MTD is Rs. 47.84 as at 30 June 2014. MTD Walkers closed last week at Rs. 53.50 down by Rs. 3.70. Its 52-week highest is Rs. 58.50. In its filing to the Colombo Stock Exchange (CSE) MTD Walkers said the objective of the Rights Issue is to fund the working capital requirement of the company and to help acquire 100% equity capital in Wincon Development Ceylon Ltd. The company in August announced the Rs. 2.1 billion acquisition of Wincon Development Ceylon, a venture by a Malaysian investor that is at present engaged in a public housing scheme in Galle. MTD Walkers specialises in construction and engineering and the acquisition signals it foray into real estate and property development given its belief of future upside. (SAA)

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