LAUGFS Gas PLC, in a stock exchange filing, said that it has provided corporate guarantee to the People’s Bank to the value of US$ 9.5 million as security for the renewal and enhancement of banking facilities of SLOGAL Energy DMCC, its subsidiary which is involved in trading of LPG on behalf of LAUGFS Gas for its operations
in Sri Lanka and Bangladesh.
LAUGFS Gas said it has no reason to believe that it will be called upon to make payment on the corporate guarantee as SLOGAL Energy DMCC will have the financial capacity to service the said banking facilities.
The said banking facility has been obtained upon normal commercial terms and in the ordinary course of business from local banks. The Board of Directors of Laugfs Gas PLC has resolved to grant the said corporate Guarantee, at a regular Board Meeting.
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