Businessman Ravi Wijeratne’s offer to purchase MTD Walkers PLC from its parent has expired as there had been no positive development or progress on the intended transaction.
Wijeratne, one-time director of MTD Walkers, which is now mired in losses, had agreed to buy the controlling stake of the construction firm held by its Malaysian parent in September, last year.A stock exchange filing by MTD Walkers said Wijeratne, who holds the licence for two gaming operations in Colombo, had agreed with MTD Capital Bhd to purchase its 152,183,583 shares in MTD Walkers or 90.78 percent of the firm’s issued shares, through a voluntary offer to be made to all the shareholders of the company.
MTD Walkers however in a stock exchange filing yesterday said as the completion date stipulated in the share sale and purchase agreement between Wijeratne and MTD Capital Bhd, Malaysia had lapsed, it had no further effect on the parties.
MTD Walkers has defaulted a listed debenture and is embroiled in a number of lawsuits with several lenders for non-payment of loan.
Wijeratne is Chairman of Rank Group of Companies, which has diverse interests in real estate development, finance, logistics, solid waste management, hydropower and wind energy and entertainment.
He owns the largest dry port in Sri Lanka, namely Rank Container Terminals Limited. He has successfully operated Sri Lanka’s largest casino for over 18 years.