LAUGFS mulling LPG storage terminal,pharma factory on the cards
LAUGFS Holdings is to invest in a LPG storage terminal expected to be commissioned in two years, while their third resort in Pasikudah will be launched in December with Waskaduwa resort on the cards. The company is also mulling a pharmaceutical manufactuing plant industry, sources said.
"Feasibility studies are in progress in order to decide the capacity of the terminal likely to be set up in Hambantota. The type of tanks (to be) used and the investment on the terminal will be determined depending on the capacity of the terminal,” an industry source told the Business Times, adding that this investment is to support the group's core business in LPG.
W.H.K. Wegapitiya, Chairman Laugfs declined to comment on this, but confirmed that their 250 room resort hotel in Waskaduwa is in its designing stage and will be a Rs 6 billion investment.
“A chain of four star plus hotels under the brand name of ‘Anantaya’ is in the pipeline and the first hotel, ‘Anantaya Resorts and Spa’ with 87 rooms in Chilaw opened in February. Two more hotel properties - one in Pasikudah on the East Coast containing 90 rooms and a resort hotel in Waskaduwa with 250 rooms are currently on the way," he told the Business Times. He said the resorts are expected to capture the demand for leisure travel as well as demand from the incentives sub segment within the MICE market tourists segment. “The Waskaduwa resort will have the largest convention hall which will at- tract MICE tourism.”
He added that pharmaceutical manufacturing and healthcare equipment manufacturing are on the cards. "We are considering a state of the art pharmaceutical manufacturing plant with a US$50 million investment," he said. He added that now less than 10 per cent of the total pharmaceutical requirement is locally produced. “So there’s a huge potential and we are seriously considering this.”
Construction work of the building complex under Laugfs Property Developers (Pvt) Ltd at Thunmulla Junction, which is a BOI approved project will be an office complex, he added.
Meanwhile LAUGFS Gas PLC has made waves with its annual report when it was recognised internationally, winning multiple awards at the prestigious 2013 Vision Awards of the League of American Communication Professionals (LACP) and the 28th Annual International ARC Awards.
The report, themed ‘Unstoppable – story of the lion hearted company continues’ was the first Integrated Report of LAUGFS Gas PLC and was also the first step towards integrating the Environmental, People, Economic and Financial performance reporting, a company media release said. It added that LAUGFS gained international recognition at the 2013 Vision Awards, winning the Platinum Award for excellence within the industry on the development of the Annual Report, Silver Award for the Most Engaging Annual Report Worldwide, and Platinum Award for the Most Engaging Annual Report in the Asia Pacific Region. Additionally, it was ranked 25th amongst the Top 100 Annual Reports Worldwide and 11th amongst the Top 80 Annual Reports in the Asia Pacific Region. It was also recognised at the prestigious ARC global awards, with a Silver in the energy sector of the 28th Annual International ARC Award, for the financial data category.