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| Sunday, 28 July 2002 |
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Touchwood share issue launched as tribute to Army Touchwood Investments Ltd. (TIL) launched its preference share issue named Viru Thilina investment plan, at a ceremony held recently at Sri Lanka Army Cantonment, Panagoda. TIL has a fully paid share capital of Rs. 22.27 million, of 2.27 million ordinary shares of Rs. 10 each. TIL will issue 25,000 cumulative, redeemable non-voting preference shares and the targeted capitalization is Rs. 250 million. The company intends to apply for a listing of its preference shares on the Colombo Stock Exchange. Brigadier O.C.N. Fernando, TIL Chief Executive Officer said the first 10,000 preference shares will be issued to members of the Army, which will give them special privileges to meet their future financial needs. Each preference share sold at Rs. 10,000 will be redeemed at Rs. 196,500 after 18 years inclusive of the principal Rs. 10,000 plus one per cent annual dividend and premium of redemption as Rs. 184,700. The issue will be open from July 4, 2002 to July 4, 2003. Any member of the Army can buy these shares on easy payment terms. Troops purchasing these shares will contribute towards saving rainforest and building a permanent forest. For each share sold, two mahogany trees will be planted and the number of trees will be entered on each share certificate. Six per cent of the proceeds would be donated for troop welfare, Brigadier Fernando said. TIL is engaged in marketing and managing investments in mahogany plantations with Board of Investment approval. It plans to plant and harvest 2000 acres of mahogany on 17.5 years harvest cycles. Over Rs. 80 million has already been invested by the public in this project and the company has planted 60,000 trees in over 200 acres. TIL has recorded a turnover of Rs. 41 million and a pre-tax profit of Rs. 6.2 million for the financial year 2001/2002. Proceeds of the issue will be utilised for future plans of the company mainly to set up a sawmill and factory to export mahogany timber and wholesale distribution centres in Australia and UK. |
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