Three LAUGFS firms to list on CSE
LAUGFS Gas PLC will go public with three of its companies by year end, officials said.
They said that LAUGFS Leisure, LAUGFS Power and LAUGFS Eco Sri will be listing on the Colombo Stock Exchange this year through an introduction. “We are now in the process of listing all three companies and awaiting regulatory approval,” an official told the Business Times noting that going public stemmed from the structural change they did last year aiming at a long-term strategy. “We realised that attracting investments to the company was difficult with unrelated businesses under the same fold. So we separated leisure, power and eco by giving equal or mirrored shares to the shareholders.”
The company is also holding talks with strategic investors for its leisure business, the official added. “We are talking to some foreign investors to explore opportunities,” he said.
The company is moving towards building an integrated regional LPG Terminal for LPG importing, re-exporting and supply to retailers in the Indian Ocean Rim. “We have commissioned the Hambantota Terminal (a little later than was expected) and the revenue it will generate will have a significant impact on the expected export target in this country,” the official added.
On the back of the infrastructure of Hambantota, the company plans to venture to Myanmar and Kenya in East Africa to supply LPG. “We will be supplying to Myanmar in August. Mombasa in Kenya is a gateway to other landlocked East African countries. We are exploring venturing to Mombasa as well. Initially we want to supply in bulk,” he said.