Laugfs Holdings Limited plans to purchase Shell Gas Company shares when listed in the Colombo Stock Exchange (CSE).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
source - www.dailynews.lk
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