Laugfs Group Chairman, W.K.H. Wegapitiya said his company has plans to list more companies on the Colombo Stock Exchange (CSE). LAUGFS Power Limited rang the market opening bell to celebrate the listing of its shares on the CSE yesterday. The listing of the company is as a result of a move by LAUGFS Gas PLC to segregate the subsidiaries of the company that are outside the scope of the Liquefied Petroleum Gas (LPG) industry.
Wegapitiya said LAUGFS Power was started as a small sector in the company’s portfolio by linking with the hydropower sector. “Today we are contributing a 51 percent utility-based solar power generation in the country with many more in the pipeline. Unfortunately, I can’t disclose more details now as I have to follow SEC listing rules,” he said adding that ‘the beauty of this sector is we are expanding into renewable energy’. He added, “We have ideas to list our overseas projects in Sri Lanka. With the new economic development of our country, we believe there will be many more opportunities for an entrepreneurial firm like us.”
“We believe from the inception that to continue our journey we need to ensure good management and governance. The listing would help us broad base our ownership and bring in good management practices and will ensure long term survival. We have immensely benefitted from listing in the past. We are going to list many more companies.”
“Today is a very significant day for LAUGFS, when we started our company in 1995 we had a great vision to be a truly Sri Lankan enterprise and also to be regional and one day to become a global company. We have maintained our identity in the power and energy sector whilst we strategically invest and making our presence felt in other related and synergetic sectors.”
At the time we listed our first entity in 2010 we mentioned that there will be so many other companies that are suitable to be listed on the Colombo Stock Exchange. Today the tiny home-grown enterprises we started in 1995 have 20 unique sectors both in Sri Lanka and overseas. We have become a multinational energy company. Our LAUGFS brand is well accepted not only in Sri Lanka but in many other countries including Bangladesh.”
LAUGFS Power trading under the LPL.N and LPL.X for voting and non- voting respectively opened trading at Rs 8.8 and Rs 8. The manager of the introduction was Capital Alliance.
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