Laugfs Group which listed its subsidiary Laugfs Power Ltd. in the Colombo Stock Exchange (CSE) on Wednesday plans to list more of its entities after political and economic stability has been restored in the country after the elections, a top official of the Group said on the sidelines of Laugfs Power Bell Ringing ceremony to mark its listing last week.
Laugfs Group Managing Director Thilak de Silva said two entities, one a local and the other a Bangladesh entity of the Group will be listed in the Colombo Stock Exchange after some political stability has been brought back to the country.
“We are optimistic that the situation will improve for the better and the listed companies in the Stock Exchange will perform well after the elections,” de Silva said, outlining plans for the Group in the months to come.
The Group plans to set up a 10MW solar and wind mix power plant which would add on to its current 51 percent supply of solar energy to the national grid.
“We are on the lookout for a suitable location to set up the mix power plant with an investment of around Rs. 1.5 billion,” de Silva said.
The Laugfs Group also hopes to release it first consignment of saline manufactured at its state-of-the-art plant in Koggala.
“We plan to manufacture around 22 million bottles which hopefully will commence next year,” Laugfs Group Chairman W.K.H. Wegapitiya.
The Rs. 5 billion investment is in addition to Laugfs Pharmaceutical Ltd. pharmaceutical manufacturing facility at the Koggala Export Processing Zone which was set up with an investment of over $ 30 million.
“We want to list more entities in the Group but we cannot divulge the names due to the listing rules.
However, we see the immense potential for growth in all our sectors which will help boost the capital market of the country,” Wegapitiya said.
Laugfs Group, a diversified conglomerate is a household name locally and internationally with operations in the region and elsewhere.
“When we first started to list in the 1990s the company had a vision to be a leading Sri Lankan enterprise and a global company.
This dream has been fulfilled with the Group being recognized in the country as well as abroad,” Wegapitiya said.
Laugfs, one of the largest diversified business conglomerates, founded in 1995, has expanded across 20 industries in Sri Lanka, Bangladesh, UAE, USA, the Netherlands with a presence in power and energy, consumer retail, industrial, services, leisure and logistics sectors.
CSE Chief Executive Officer Rajeeva Bandaranaike said there will probably be a couple of entities that will be listed in the CSE before the end of the year and added that the CSE performance has picked up in recent times.
Listing of Laugfs Power marked the 290th listed entity in the CSE.“Laugfs is a homegrown entity which has expanded beyond the borders. Its focus on sustainable initiatives through education deserves commendation,” Bandaranaike said.ns conglomerates and a trusted name in Sri Lanka.