Sri Lankan businessman, Ravindranath Srilal Wijeratne, alias Ravi Wijeratne has slipped away from taking over MTD Walkers.
According to MTD Walkers, the agreed transaction will not be pursued, as there has been no positive development on the transaction.
As the completion date stipulated in the Share Sale and Purchase Agreement (SSPA) has lapsed, the SSPA shall have no further effect on the parties, MTD Walkers said in a stock exchange filing.
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“We have been informed by MTD Capital Bhd, Malaysia, that the intended transaction in respect of the Sale and Purchase of 90.78% of the Issued Shares of MTD Walkers PLC, amounting to 152,183,583 shares, held by them, to Mr. Hewawasamge Ravindranath Srilal Wijeratne, the announcement of which was made by us to the Colombo Stock Exchange on 9 September 2019, will not be pursued.” MTD Walkers said.
Courtesy: LBO
