Sri Lanka’s crisis run MTD Walkers PLC recently (April 1^st) in a disclosure to Colombo Stock Exchange (CSE) said that the debenture interest that was to be paid on or before 31st March 2019, would now be delayed till on or before 30th April 2019. The company raised Rs. 3 billion as debentures in September 2015.

“Even though we informed that the debenture interest would be paid on or before 31st March 2019, we regret to inform you that we are unable to meet this deadline due to delay in collecting our dues from projects” the disclosure signed by MTD Walkers PLC Vice President and Group Financial Controller Rozan Jameel stated.

“Every effort was made to collect the anticipated revenue for the settlement of debenture interest. However, due to slowdown in fund flows from government projects we are unable to make this payment on the stipulated date” the statement said adding that therefore MTD Walkers is expecting to make the said interest payment on or before 30th April 2019 with the penal interest rate of 2% as per the trust deed.

“We requested this time frame considering the upcoming Sinhala and Hindu New Year holidays which would effect the revenue collection” the statement said.