Al-Futtaim says no plans to divest AMW
Al-Futtaim Automotive Group (AFAG), the owner of Associated Motorways Ltd. (AMW) yesterday in a statement said it has no plans to divest AMW.
“Al-Futtaim Automotive Group has no plans to divest AMW and we are in fact very happy with this investment and keen to use it as leverage in order to further expand our businesses in Sri Lanka. AMW’s strong market presence in Sri Lanka through its 17 automotive, lubricants, manufacturing and car care products makes it a coveted asset for our growing global aspirations and any suggestion to the contrary is pure speculation and fabrication,” said AMW Chairman and AFAG President Len Hunt in response to a recent online media report speculating on its relationship with the Colombo-based automotive dealership.
