According to a stock exchange disclosure, Lakma Holdings (Private) Limited has agreed to purchase a controlling stake in the Colombo Stock Exchange-listed MTD Walkers.

According to a statement from MTD Walkers PLC; Lakma Holdings (Private) Limited had agreed to purchase from MTD Capital Bhd, the majority shareholding of the company of 152,183,583 shares held by them constituting to 90.78% of issued shares of the company subject to a legal due diligence by two independent expert firms appointed by Lakma Holdings (Private) Limited.

The disclosure further stated that the Share Sale and Purchase Agreement (SSPA) dated 20 August 2020 has been executed subject to the said due diligence by and between MTD Capital BHD of Malaysia and Lakma Holdings (Private) Limited in support of this purchase.

MTD Walkers is a listed construction company engaged in infrastructure-related businesses. MTD Walkers was plagued by financial turmoil, reporting losses for the financial years ended March 2018 and 2019.

They have defaulted on payments of listed debentures, have been embroiled in litigation with many of Sri Lanka’s banks, and have had their shares suspended from trading at the CSE.