Laugfs Power Limited to enter stock market

October, 18, 2019

Laugfs Power Limited , the renewable energy subsidiary of Laugfs group, is to list its shares on the Diri Savi board of the Colombo Stock Exchange.

In a stock exchange filling recently, the company said that according to the listing documents filed with the CSE, the company plans to list 335,000,086 ordinary voting shares and 52,000,000 non-voting shares at  reference prices Rs.8.80 and Rs.6.90 per share respectively.

Laugfs Power Limited was incorporated in 2006 as a fully owned subsidiary of Laugfs Gas PLC for the purpose of creating a standalone entity to operate in the renewable energy space.

Laugfs Power Limited commissioned its first mini hydro power plant in Balangoda with a 0.5 MW capacity. Laugfs Power Limited presently has four 100 percent owned subsidiaries that are involved in power generation via solar and mini hydro sources.

After the commissioning of the first mini hydro power plant in 2014, LPL entered a stage of rapid growth and acquired Ginigathhena Thiniyagala Mini Hydro Power (Pvt) Ltd, Anorchi Lanka (Pvt) Ltd, Iris Eco Power Lanka (Pvt) Ltd and Pams Power (Pvt) Ltd in 2015.

With the exception of Pams Power (Pvt) Ltd, all other power plants commenced operations in FY2017. The Company, through its subsidiary Pams Power Lanka (Pvt) Ltd, is developing a 2MW mini hydro project which is expected to commence commercial operations in FY2020. This will increase the Group’s total capacity to 23.75 MW.

W K H Wegapitiya is the founder Chairman of LAUGFS Holdings Limited, the parent company of the LAUGFS Gas group in Sri Lanka, having its presence in a wide business spectrum, such as LPG distribution, Petroleum, Lubricants, Power generation, Property developments, Shipping, Heavy Engineering, Automobile services, Leisure and Restaurants, Consumer Retailing, Manufacturing of Salt, and Manufacturing of industrial solid tires.

He was appointed as the Executive Chairman and the Group CEO of LAUGFS Gas PLC at the time it was listed in the Colombo Stock Exchange in 2011.

As of now, Laugfs Holdings Limited owns 74.02% of shares of Laughs Power Limited. State-run private sector fund, Employees’ Provident Fund (EPF) as the second largest shareholder owns 17.28% of the shares of the company.

The listing is carried out according to a shareholder resolution passed in March 2018 to segregate the subsidiaries of LGL which are not related to its core business of liquefied petroleum gas.