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Monday May 10th, 2021
Markets

Sri Lanka’s Laugfs to list more local and foreign units

Laugfs Holdings Chairman/Chief Executive W. H. K. Wegapitiya ringing the bell at the Colombo Stock Exchange surrounded by other officials.

ECONOMYNEXT- Sri Lanka’s Laugfs Holdings is looking to list more local and foreign subsidiaries on the Colombo Stock Exchange in the future, a top official said.

“Today, the little homegrown enterprise we started in 1995 is present in almost 20 unique and significant sectors in Sri Lanka and overseas,” Chairman/Chief Executive W. H. K. Wegapitiya said.

“We have become a multinational energy company and our Laugfs brand has become well known in many other countries,” he said, speaking at the bell ringing ceremony when Laugfs Power Limited was listed on Wednesday.

“So we have many good companies to be listed.”

Wegapitiya said that plans are already afoot to quickly list the hospitality and auto emissions testing subsidiaries which were split along with the power unit from the parent in 2018 as a restructuring effort.

As a part of the restructuring, Laugfs shareholders were promised listing of the three subsidiaries.

“We also have plans to list some of the overseas projects also in Sri Lanka,” Wegapitiya said.

“We have benefited greatly after our first company was listed on the Colombo Stock Exchange.”

“We believe that listing will help to ensure long-term survival of start-up companies like us, to ensure good management practices and governance and broad-base ownership.”

Laugfs currently has Bangladesh’s fourth largest LPG operation, which brought in 9.2 billion rupees of the group’s 24 billion rupee revenue in 2019.

Laugfs has an LPG trading unit in Dubai as well as solid tyre marketing businesses in the US and the Netherlands.

Wegapitiya said that the group is evaluating an opportunity to set up retail operations in Bangladesh as well. (Colombo/Oct30/2019)

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