LAUGFS fires up to make 20.10.2010 debut of Rs. 2.5 b IPO a good omen

Thursday, 21 October 2010 06:18 - - {{hitsCtrl.values.hits}}

LAUGFS Gas Ltd., one of Sri Lanka’s rising conglomerates is hoping that launch of its landmark Initial Public Offering (IPO) on 20.10.2010 (yesterday) will be a good omen personally apart from catapulting it to better harness emerging new opportunities in post-war Sri Lanka.

Its spirited Chairman W.K.H. Wegapitiya made it a point to stress on the numerology of 20.10.2010 last night at a packed IPO launch ceremony in addition to briefly showcasing the trials and triumphs of LAUGFS.

The Company’s IPO issuing 75 million ordinary voting shares at Rs. 23 each and 52 million non-voting shares at Rs. 15 each is now up for subscription whilst the official opening is 4 November.

Judging by the large crowd last night as well as LAUGFS popularity as a brand, most analysts expect the IPO to be a sellout. Its sign off as “Lighting every Hearth and every Heart” has touched many investor hearts as well as the general public as truly relating effectively to the Sri Lankan populace.

Within a short span of 15 years, LAUGFS has become the second largest in LPG business, third largest in petroleum retailing and fourth largest in lubricant industry which is infested with 16 multinationals.

“I would say the LAUGFS brand is on par with some of the world renowned multinationals,” Weagpitiya said.

He also said that for the past 10 years he had been approached by multinationals to either sell fully or part stake in LAUGFS with some offers being too good to refuse.

“However I have always believed in LUAGFS, Sri Lanka and Sri Lankan spirit and glad that there is an opportunity for Sri Lankans to be part of the future success of LAUGFS,” he added. LAUGFS has 15 subsidiaries with extensive interest in energy sector in addition to leisure, retail marketing as well as light engineering.

“Last year the country saw the emergence of a golden era with the end of the war that impacted the nation for 30 years. With peace new economic goals and prosperity can be achieved and LAUGFS wants to be part of the post-war resurgence,” Wegapitiya emphasised adding that unprecedented opportunities are emerging in the economy as well as the energy sector in post-war Sri Lanka.

“15 years is young in a corporate sense but we have delivered what we promised and we are aspiring to greater heights as a truly Sri Lankan brand,” the Chairman added.