Touchwood opposes wind-up move; share price dips further

Thursday, 5 September 2013 01:04 - - {{hitsCtrl.values.hits}}

Ending days of silence, Touchwood Investments PLC has informed the Colombo Stock Exchange via a filing that it will defend and oppose an application for winding up filed by a customer. The disclosure was released by the CSE yesterday. It said that a petition has been filed to wind up the company by Kuru-kula Arachchige Don Leonard Priyanka Nanayakkara (petitioner) in respect of Rs. 3.8 million, which the petitioner alleges to be due from Touchwood Investments. “The company has already filed an affidavit of opposition to the winding up application and will take further steps to defend and oppose this action,” said the filing signed by Touchwood Deputy Chairperson S. Maloney. Despite the announcement, the company stock price dipped yesterday by 40 cents to close at Rs. 1.50 with 16 million shares (15%) traded. On Tuesday the share plunged to 90 cents before recovering thanks to interests by speculators and bargain hunters. During the week ended on Monday, Touchwood share price dipped by 50% to Rs. 1.90. Confirming the Daily FT story yesterday, Touchwood Chairman R. Maloney disclosed to the CSE that he sold 3.35 million shares between Rs. 1.80 and Rs. 2 each on Monday.

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