Laugfs Gas shares on offer
[October 21 2010]

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<p>By Lalin Fernandopulle

<p>Laugfs Gas Ltd. will raise Rs. 2,505 million from an Initial Public Offering (IPO) to support the company's expansion plans and drive growth in the fast developing lubricant industry, said Chairman, Laugfs Holdings Ltd., W.K.H. Wegapitiya.

<p>He said one of the major plans of the company is to enter the leisure sector of the country which is rapidly growing following the end of the conflict.

<p>Laugfs has commenced constructing a 100-room luxury hotel in Chilaw with an investment of Rs. 500 million and also plans to build 72 serviced apartments at a company-owned prime property in Colombo.

<p>"Laugfs has excelled in its lubricant business and today the company is a leading player in the industry. We are ready to takeover Shell Lanka and convert it into a more profitable venture", Wegapitiya said.

<p>Laugfs will divest 22 percent of its stake through the IPO which offers 75 million voting shares of the company at the share price of Rs. 23 each and 52 million non voting shares priced at Rs. 15 each.