Dubai company buys into Sri Lanka's Associated Motorways plc

ERJ staff report (DS)

Dubai -- Al-Futtaim, the Dubai-headquartered automotive, retail, electronics and financial services conglomerate, has announced a deal worth in excess of AED 300 million (Euro 52 million) to acquire a majority shareholding in Associated Motorways plc (AMW), one of the 'crown jewels' of Sri Lanka's corporate sector. AMW makes tyres and retreads other products in Sri Lanka. AMW is also the exclusive distributor of Goodyear tyres in the country.

Local press reports said the new owners were likely to build a new solid tyre manufacturing plant in Sri Lanka.

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Press release from Al-Futtaim

Dubai buyer may take Sri Lanka's AMW private for investment program from Lanka Business Online