ECONOMYNEXT – Sri Lanka’s LAUGFS Gas group said it is spinning off three units in non-core sectors and listing them on the Colombo Stock Exchange.
LAUGFS Lesiure Ltd, a hotel firm LAUGFS Power Ltd and LAUGFS Eco Sri (Pvt) Ltd, will be separated and share will be issued to existing shareholders of the parent in the same proportion, the firm said in a stock exchange filing.
The units will also be listed on the stock exchange through an introduction.
LAUGFS Gas will retain LAUGFS Maritime Services (Pvt) Ltd, LAUGFS Terminals Ltd, SLOGAL Energy DMCC, LAUGFS Gas (Bangladesh) Ltd and LAUGFS Property Developers (Pvt) Ltd, which owns the headquarters buildings.
The firm said the Board of Directors approved the proposal on December 28 and shareholder and court approval will be sought under Sri Lanka’s Companies Act. (Colombo/Dec28/2017)