MTD Walkers PLC, the construction, production and engineering services company well known locally and internationally is preparing to raise around Rs. 2.3 billion through a Rights Issue.

The company is to issue 53.2 million shares in the ratio of 466 shares to every 1,000 existing shares held at Rs. 45 per share.

The funds thus raised would be utilized to acquire 100 percent utility capital in Wincon Development Ceylon (Private) Ltd and to fund the working capital requirements of the company.

Listed on the Colombo Stock Exchange in 1981, MTD Walkers PLC fabricates tea production machinery and also exports them to Rwanda and Vietnam.

The Chairman of MTD Walkers PLC is Dato’ Azmil KhaIiIi Bin Dato’ Khalid and prominent businessman Ravi Wijeratne is an Independent Non-Executive Director.

Wincon Development Ceylon (Private) Ltd was established in 2003.