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| Sunday, 26 February 2006 |
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Business |  |
| News Business Features Editorial
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Touchwood expands in international market Touchwood Investment Ltd, the pioneer in forestry investment products and currently listed on the second board of the Colombo Stock Exchange, plans to make an application to enter the first board after releasing the 2005/6 financial results this year. Penetrating the international market has been challenging but Touchwood is making positive progress. Touchwood's new and expanding global structure has opened many doors to financial advisors and fund managers in the international money markets. Touchwood Chairman, Roscoe Maloney, said that we are now moving into a position where Touchwood's Sri Lankan products are being increasing sought after in foreign markets. A small number of tasks under way remain to be accomplished: shareholding changes and ISO 9000 certification. The year 2006 will see significant benefits for Touchwood's Sri Lankan business unit. They are in the process of negotiating product sales with many large international prospects. One of the obstacles is the 64% ownership of Touchwood Maloney has with related parties. The Chairman said, "We have been requested to bring down the related party shareholding to 40%. This we have agreed to do over two phases as follows: divest 1.5 million shares (16%) prior to March, 2006, with the remaining balance (8%) divested between April and July, 2006. We also plan to achieve ISO 9000 certification by April this year," he said. Touchwood's Dubai sales unit is operating successfully and a new unit in Qatar is planned to be operational by June this year. To assist in this development Channa Abeygunawardene, former Branch Manager of Dubai, has been promoted General Manager of Touchwood in Sri Lanka. |
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