MTD Walkers expands into marine sector
MTD Walkers PLC (MTD), the infrastructure development company, in a bid to expand its core competencies is actively looking at expanding to the Middle East and Africa, while also eyeing Myanmar in the construction sector, officials said. “We are in discussion with construction companies in the Middle East and African region,” Jehan Amaratunga, Deputy Chairman MTD Walkers told the Business Times.
He said they are also exploring the option of going to some of these countries on their own. “We are evaluating all options currently,” he said, adding Myanmar is also in their radar. “It is still a little too early as Myanmar is still getting its legal systems (for investing) in order.” Myanmar is rushing to catch up and make itself attractive to international investors as a place to do business, he said, noting that this is definitely a country MTD has set its sights on.
MTD, which has investments and firms ranging from power, road construction, mechanical engineering, air-conditioning and refrigeration, plantation and machinery, has plans to expand its steel fabrication arm WAD Lanka. “This company is engaged in air condition duct manufacturing. It’s equipped to do white steel fabrication for non corrosive purposes such as pipelines for the water sector. So we will get into fabrication of such products which require white steel,” Mr. Amaratunga said.
He added that expansions in the marine engineering are also in order through its subsidiary Colombo Engineering. MTD has also cottoned onto real estate by planning to acquire Wilcon Development, the local unit of the Malaysian property development company, Metacorp Berhad (Metacorp), for Rs.2.17 billion. “We got board approval to acquire this firm,” Mr. Amaratunga said, adding that this is a natural fit in their business portfolio. He said that MTD wants to tap the middle segment in apartments and it will be in the suburbs. “We feel there’s a niche in the suburbs – especially in areas where the highways interject,” he added.
The official said the company is keen to consolidate its investments and bring in an ‘easily identifiable’ name. accordingly, Walker Sons & Company Ltd, Walker Sons & Company Engineers (Pvt) Ltd, Walker Sons & Company (Distributors) Ltd, Walkers Piling (Pvt) Ltd, MTD Walkers Projects Ltd, CML-MTD Construction Ltd, Northern Power Company (Private) Ltd, etc, will come under one roof.
MTD has tied up with MTI Consulting in a strategic planning exercise to reengineer the company.