LAUGFS Leisure Ltd, a fully owned subsidiary of the LAUGFS GAS PLC has acquired Mag Consultants and Agents Pvt Ltd (MCAPL) and its assets, comprising 15 acres of prime seafront beach land at Waskaduwa, Kalutara for Rs.500 million.
In a statement, LAUGFS Gas Chairman W.K.H Wegapitiya said that LAUGFS Leisure is aggressively investing in the leisure sector. "Our strategic decision to enter into the re-emerging tourism industry sector in the post conflict environment was put into action with the commencement of the construction of the first star class 90 room, luxury hotel in Chilaw which will be operational by December this year. With the acquisition of this new land, we intend to commence our second star class hotel at Waskaduwa shortly."
LAUGFS Leisure said it will soon embark on building a 200 room, state of the art luxury resort hotel in this newly acquired acre.