Laugfs to buy Shell stake
Laugfs Holdings Limited plans to purchase Shell Gas Company shares
when listed in the Colombo Stock Exchange (CSE).
|
W K H Wegapitiya |
This is after the Government finalizes the deal with Shell Gas to
acquire ownership.
The Cabinet approved the purchase of stakes in Shell Gas Lanka
Limited and Shell Terminal Lanka Limited last week. The Government
intends to retain at least 51 percent of these shares to keep the
controlling interest and issue the balance to the public through the
Colombo Stock Exchange.
"We will buy Shell shares and manage the new company. The country
will benefit from this public-private partnership," Laugfs Holdings
Limited Chairman W K H Wegapitiya told Daily News Business.
The sale of Shell's shares in Sri Lanka is in line with Shell's
strategy to refocus its global downstream footprint into fewer, larger
markets.
Shell branded lubricants remain unaffected by the proposed portfolio
changes in the LPG business and continue to be in Sri Lanka via a
distributor, the company told last week. SJ |
