Date: Sunday, 18 November 2007From Sunday Observer
Category: Publication - Overseas
Kapila Heavy Equipment Plc now known as MTD Walkers Plc with MTD Capital Bhd, a leading Malaysian based civil and infrastructure Company having purchased over 90 percent of the shares in June 2007.
The name change was effected through an Extraordinary General Meeting.
MTD Capital Bhd manages three companies in Sri Lanka, namely MTD CML Construction Limited and MTD Walkers Investment Public Limited and Asia Capital. The company is planning to invest in infrastructure projects through these companies ie MTD CML Construction and Walkers Investment Limited, MTD Group Managing Director Azmil Khalid said.
According to Khalid they are one of the bidders for the Colombo-Katunayake and Colombo- Kandy expressways and are planning to get involved in Sri Lanka's infrastructure projects in the future.
Khalid said that since MTD Walkers Investment Public limited (formerly Kapila Heavy Equipment) incurred heavy losses they are now in the process of cleaning the balance sheet and support core business such as engineering, construction and machinery.
He said they expect a significant improvement in the Company performance in the next financial year, under his management with the induction of new working capital to the Group.
Khalid said that despite internal and external factors that have adversely affected the business environment, the Group is optimistic that the projects planned to be undertaken would be carried out successfully which would help the group benefit in the long term.
The Group is currently in a position to focus on infrastructure development in the country and is involved in bidding for new projects.
Walkers, one of the well known British companies in Sri Lanka was sold to an Indian company Bolts. Kapila Heavy Equipment bought the company 15 years ago.
By Surekha Galagoda (firstname.lastname@example.org)
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