Wednesday, September 25, 2013

Duminda to save the sinking Touchwood

Monitoring MP of the Defense Ministry R. Duminda Silva has been appointed as a Non-Executive Independent Director in the Touchwood Investments PLC which has fallen into crisis.

This appointment has been made to be effective from the 23rd September. After this news, it is reported that the share prices of the Touchwood company have started to go up since today morning.

The battered stock price of TWOD shot up to Rs. 3.10 up by 72% or Rs. 1.30 from its previous close. More interestingly, a record 26 million shares which is a 25% stake of the company changed hands via 1,717 trades for Rs. 66 million.

Considering the all-time low price of 90 cents a few weeks ago, yesterday’s gain is a huge windfall for those who traded on the stock of late.

The Maloneys have been shedding their stakes in recent months; so has another shareholder, ASPIC Corporation, also connected party to Maloney.

Apart from this, Mr. Lanka Wijendra Kiwlegedara, a head of a mineral export company approved by the BOI has been appointed as the Touchwood's new Executive Director.

Sri Lanka Securities and Exchange Commission (SEC) which represents the Colombo Stock Exchange (CSE) had recently suspended the share transactions of the Touchwood Investments PLC.

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