LAUGFS acquires Bangladeshi LPG Company

Business

LAUGFS Gas PLC, said to be one of the most aggressively growing Sri Lankan energy company, has acquired one of the largest LPG downstream companies in Bangladesh, the local firm’s first overseas acquisition. LAUGFS Gas PLC acquired controlling interests of Petredec Elpiji Ltd (PEL), at an investment of US$18.75 million and became the first Sri Lankan energy brand to become a multinational. Petredec Elpiji Ltd was one of the first to enter the downstream LPG business in Bangladesh during 1997, and was later acquired by Australian energy giant Kleenheat Australia, LAUGFS said in an announcement on Monday. PEL is a dominant player in the Bangladeshi LPG industry with over 21 per cent market share and operates with a modern LPG import facility in Mongla Port area. With the acquisition of a 69 per cent stake of Petredec Elpiji, LAUGFS will commence its operations in Bangladesh strengthening its presence in the Power and Energy sector beyond national borders. ENDS

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