Dubai-based Al Futtaim Group is fast-tracking development at AMW, the 49-year old Sri Lankan company that it bought earlier this year, says AMW Chairman Tilak De Zoysa.
Speaking a few days after AMW announced that it was de-listing from the Colombo Stock Exchange now that less that 5% of the stock is held by the public, Mr De Zoysa told The Sunday Times FT that they were speeding up all earlier planned projects including the 3-way property development with John Keells Holdings and Findlays.
The De Zoysa family sold its majority stake in AMW in mid-2008 and the Dubai company continued to increase its investment thereafter, and now owns some 97 % of the company.
Mr De Zoysa, appointed chairman by the new owners, says the foreign investor is expected to appoint a key person for the automotive sector while bringing others later for financial services and property.
“Projects are being accelerated. If earlier the plan was to complete projects in five years, now it will be done in two to three years,” he said.