LAUGFS Power Limited rang the market-opening bell to celebrate the listing of its shares at the Colombo Stock Exchange (CSE) today. The listing of the company is as a result of a move by LAUGFS Gas PLC to segregate the subsidiaries of the company that are outside the scope of the Liquefied Petroleum Gas (LPG) industry.
Chairman Mr. W.K.H. Wegapitiya and Directors Mr. U. K. Thilak De Silva and Mr. P. M. B. Fernando represented LAUGFS Power Limited at the Ceremony. CSE was represented by Chairman Mr. Ray Abeywardena, CEO Mr. Rajeeva Bandaranaike and the senior management of the Exchange. Capital Alliance Partners Limited, the managers to the introduction was represented by the Managing Director, Head of Global Markets Mr. Deshan Pushparajah.
LAUGFS Power Limited (LPL) was incorporated in 2006 as a subsidiary of LAUGFS Gas PLC (LGL) for the purpose of creating a standalone entity to operate in the renewable energy sector. LPL commissioned its first mini-hydro power plant, Ranmudu Oya Phase I in Balangoda with a 0.5 MW capacity. LPL presently has four 100% owned subsidiaries that are involved in power generation via solar and mini-hydro sources. The group’s current total capacity is 21.75 MW out of which 20MW is generated via solar sources and the remainder being generated via mini-hydro.
CSE CEO Mr. Rajeeva Bandaranaike speaking at the event stated that the stock exchange is pleased to welcome LAUGFS Power Limited which operates in the important renewable energy sector in the economy and operates both solar and mini-hydro plants around the country. He stated that the LAUGFS group represents a truly Sri Lankan identity and is now a household name touching millions of Sri Lankans in diverse sectors. He also added that it is heartening to note the sustainability initiatives by the group in Entrepreneurship development, education, and environmental actions.
LAUGFS Group Chairman Mr. W.K.H. Wegapitiya speaking at the event said that the vision behind the company is to build a truly Sri Lankan enterprise which operates regionally and to eventually be an international household brand while also noting that LAUGFS is strategically making its presence felt in other related sectors to expand even further. Commenting on listing on the stock exchange, Mr. Wegapitiya stated the stock market offers the platform for entrepreneurs to ensure the longevity of the business well beyond the lifespan of the founders and stated that he is actively considering further listings on the stock exchange in the near future.