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| Sunday, 28 April 2002 |
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| News Business Features Editorial
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Touchwood to declare dividends Touchwood Investments Ltd. (TIL), the forestry investments company, has listed its ordinary shares in the Colombo Stock Exchange under the category 'Investments and trusts.' TIL has achieved its target turnover of Rs. 38 million for the financial year 2001/2002 and has a budgeted turnover of Rs. 58 million for 2002/2003. TIL Chairman Rescae Maloney stated that the company will declare its first dividend this year. TIL's Initial Public Offer (IPO) of 800,000 ordinary shares at a par value of Rs. 10 was the first IPO for 2002 and the first IPO to be oversubscribed sine 2000. "This is a direct indication of the confidence placed by the public and corporate sector in TIL shares," Maloney said. The company's principal line of business is marketing and managing investments in Mahogany plantations, with a business plant to plant and harvest 2000 acres of Mahogany on a 17.5 years harvest cycle. This will amount to two per cent of the world Mahogany plantations. Since its inception three years ago, over Rs. 65 million has been invested by the public on the scheme. Over 40,000 Mahogany trees have been planted in 150 acres in the Ratnapura district. |
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