Dankotuwa aims for new capital

Dankotuwa Porcelain Ltd says that in view of the accumulated losses of the company, the directors have recognized the fact that the company needs financial restructuring and is therefore considering a capital reduction to write off the capital no longer represented by assets.

Chairman and Managing Director of Dankotuwa, Sunil G. Wijesinha in a statement to the Colombo Stock Exchange said the Board has further decided that a fresh infusion of capital is required and is formulating plans for a rights issue and possibly a debenture issue. Dankotuwa is the country's leading porcelain tableware manufacturer with their products being sold in Europe and department stores in the United States. The major shareholder in the company is International Ceramic Inc, Japan. (NG)