Sri Lanka's Laugfs to raise cash and build plant
A public share offering from four subsidiaries could be worth as much as $53m to Sri Lanka's Laugfs Holdings Ltd.
The hotel to gas to lubricants company is set to issue public shares in October to raise money for regional LPG acquisitions as well as increasing its storage capacity and building a new lubricants blending plant.
Both the facility and the expanded storage will be in Hambanthota Port and Laugfs Chairman, W.K.H. Wegapitiya was bullish about the company's plans to develop new partnerships in India and Pakistan's energy sector, as well as exporting lubes to the Maldives and Bangladesh.
The export drive will be supported by the purchase of two ships from Japan to provide floating storage. Currently, Laugfs is the only local organisation in Sri Lanka to provide downstream LPG, with a 90% share in auto fuels and a 40% share in the domestic and 60% share in the industrial LPG markets respectively.
