Sept 30, Colombo: Sri Lanka's troubled agro-forestry investment firm, Touchwood Investments today announced in a stock market disclosure that new investors have joined to support the firm which has lately faced certain liquidity problems.
Responding to the recent media reports on the firm, the newly appointed Chairman of the firm Lanka Wijendra Kiwulagedara said the firm believes that its underlying concept is advantageous for the economy, environment, and the country in general.
The investors, with a view to resolve the current issues, are planning to invest Rs. 200 million in the short term and also are working to secure funds for an amount of US$ 21 million to develop projects including sandalwood, the firm said.
"With a long term vision we would like to roll out a detailed strategic plan which includes a restructuring process, which in turn will focus on improving existing capabilities and strengthen the company's position," the Chairman stated.
The Chairman assured all stakeholders of the company that it will strictly follow all rules, norms and good corporate governance.
With the plan, the company said it trusts that all stakeholders will buildup confidence on the company and increase the value of the company from its current status.
The Company stressed that it would take all necessary actions with regards to the Winding up application and expected that the outcome to be in favor of the company.
The Company requested the Colombo Stock Exchange (CSE) to lift the trading halt it imposed on Friday.
Accordingly, the CSE announced that the trading halt imposed on Touchwood Investments (TWOD.N0000) will be lifted at 10.30 a.m. Monday.