Chairman AMW, Ajita de Zoysa (centre) with Deputy Chairman, AMW, Tilak de Zoysa and Senior General Manager, Al Futtaim, Bob Farrow at the media briefing held yesterday to announce the transfer of the majority shareholding of AMW

The Bourse achieved the second highest turnover in its history of RS.7.7 billion, when the controlling interest in Associated Electrical Corporation PLC, the holding company of Associated Motorways PLC and a 20 percent stake held by John Keells Holdings PLC was transferred to Al-Futtaim Engineering LLC of Dubai in a friendly takeover.

AL Futtaim in addition to its automotive portfolio is also a real estate developers and roads, communication and infrastructure specialist.

Chairman of AMW, Ajita de Zoysa said that the transaction confirms the potential of Sri Lanka as a long term investment destination. Further, the present status Quo will remain unchanged with the present Deputy Chairman, Tilak de Zoysa being appointed Chairman to succeed him, within two or three months on his retirement.

The entire staff will remain in place and the expertise available to the group will increase with the addition of two senior management staff from Al-Futtaim.