Laugfs Gas PLC is to invest Rs. 1.15 billion into its subsidiary engaged in building South Asia’s largest LPG transhipment terminal in Hambantota.
Of the total amount, Rs. 130 million has been infused immediately, and the rest will be utilised as required. Laugfs said once commissioned, it will both pave way for recognising Sri Lanka as a commercial hub, which will create an inflow of foreign currency into the country and would allow LPG to be imported to Sri Lanka at very competitive prices, thereby benefitting local LPG operators and end users.
It said since the project is nearing completion, there is a requirement for funds to be utilised for the final disbursements, which are to be provided by Laugfs Gas as an equity infusion.
It said the parent will reap many benefits as a result of this project, both via its equity in Laugfs Terminals Ltd., as well as commercially by the terminals operations.