MTD Walkers enters property development with Rs. 2 b investment
Friday, 29 August 2014 00:51
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MTD Walkers Plc is foraying into property development business with an acquisition worth Rs. 2.1 billion.
The company said its Board has approved the purchase of 100% equity in Wincon Development Ceylon Ltd. for Rs. 2.174 billion at Rs. 4.01 per share.
Wincon Development is venture by a Malaysian investor and at present is 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.
