Parquet likely to sell stakes

Hiran H. SENEWIRATNE

Lanka Walltiles Limited is likely to sell its associate company of Parquet (Ceylon) Ltd, shortly, which is a Public Company listed on the Colombo Stock Exchange, market sources said.

Parquet is a leading wooden floor company is an associate company of Lanka Wall Tiles and Lanka Tiles Limited. The rumours speculated that there will be a mandatory offer of Rs 40 a share and C.T Smith Stock Brokers will be the main brokers involved with the deal, its sources said.

According to the market sources leading businessman is now in the process of negotiating on the deal.

Parquet (Ceylon) Ltd is a fully export-oriented firm and its technical and marketing staff is amply conversant with international demands.

The Company strives to keep abreast of the latest international developments in wood flooring, has been exporting its products over the years to Germany, USA, UK, Australia, Netherlands, Switzerland, Belgium, Japan, Korea, India, Norway and Greece.

The Company directs its products, both to the DIY market and the Builders’ Market, paying special attention to particular market demands to in relation to the type of products and finish. Parquet (Ceylon) Ltd has won the prestigious Presidential Export Award in Sri Lanka, on five occasions.

Products manufactured out of Rubberwood (Hevea Brasiliensis) by Parquet (Ceylon) Ltd. are traded locally under the brand name “Asian Oak”. The company is also known as “Swissparkett” under which trade name the company’s wood flooring is distributed locally.

Parquet (Ceylon) Ltd. was established in 1967 and commenced its first export operation in 1972.The Company had its beginnings working in technical collaboration with Bauwerk AG of Switzerland. Its first export products were Mosaic Parquet flooring of various designs.

Over the years the company has modernised and expanded its factory, which now has a wide range of machines that could undertake the manufacture of a variety of wood products. The modern timber drying facilities and strict quality control procedure at all levels ensures a high quality product adhering to international standards.