Business

Casino king Ravi Wijeratne to takeover MTD Walkers

Prominent investor and Casino operator Ravi Wijeratne is set to purchase a controlling stake of 90.78% of cash strapped construction company MTD Walkers from its Malaysian parent MTD Capital Bhd, the company announced today.

In a stock exchange filing the company said that Wijeratne had  agreed to purchase 152,183,583 shares held by the its parent through a voluntary offer to be made to all the shareholders of the company.

MTD Walkers is a listed construction company engaged in infrastructure-related businesses. It has suffered heavily due to non-payment or delayed payment by the Government for state infrastructure projects carried out by the company.

Wijeratne is the owner of Rank Holdings, which operates the popular Star Dust and Casino Marina casinos in Colombo and is also engaged in hydro and wind power generation, infrastructure and real estate development.

Earlier this year MTD Walkers in a corporate disclosure announced its intention to transfer its fully owned subsidiaries Walkers Shipyards Limited, Northern Power Company Ltd., and Colombo Fort Heritage Company Ltd., to its parent MTD Capital Berhad.

However, several State and private banks, to which MTD Walkers owed billions of rupees sought and obtained Enjoining Orders against this transfer.