Ravi Wijeratne moves to take over MTD Walkers (KAPI)

September 9, 2019 (LBO) – Casino operator Ravi Wijeratne has agreed to purchase control of Colombo Stock Exchange (CSE) listed MTD Walkers (KAPI) according to a stock exchange disclosure.

KAPI has been plagued by financial turmoil reporting losses in excess of Rs6bn in total 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 had their shares suspended from trading at the CSE.

According to the last published financials in March 31, 2019, the company has a net asset value of Rs1.35bn, and total liabilities close to Rs40bn (US$222mn).

Details on the terms of the KAPI transaction are expected in further disclosures which would be required from the company.