Laugfs Holdings provided clarification to the Colombo Stock Exchange on the listing of its subsidiaries Laugfs Eco Sri and Laugfs Leisure.
The listing of the 2 subsidiary companies has been delayed for over a year with the disruption caused by the COVID-19 virus.
The corporate disclosure notes ‘the Company is in the process of providing clarifications to the CSE in response to CSE observation letters dated May 18,2020, May 22 2020, and June 10, 2020’
The disclosure adds, “We would like to convey that there was a delay in finalizing the audited financial statement, as a result of the audit process getting delayed in the backdrop of the COVID-19 situation.”
The accounts have since been finalized and are being submitted to the CSE. Imtiaz Buhardeen who is Chairman of a holding company with a sizable minority holding in Laugfs and the subsidiary businesses said, “finally a disclosure was made today. Hope without further delay listing will also take place soon.”
Laugfs Power, another subsidiary was successfully listed last year and has moved in the recent market rally from a Volume Weighted Moving Average of Rs 3.9 in August to Rs 7.5 on October 28. The company has plans to expand its capacity in the long term.
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