Sept 02, Colombo: Sri Lanka's private gas retailer Laugfs Gas has incorporated a fully owned subsidiary, Laugfs Maritime Services (LMS) (Pvt) Limited to expand its businesses into the international shipping industry.
In a stock market disclosure on Monday the Laugfs Gas said the fully owned subsidiary was incorporated as a Board of Investment approved project in order to venture into the business of international shipping, Logistics and Maritime Services.
In order to engage in the International Shipping & Maritime Services, LMS will own, operate, hire and charter various types and size of ships including LPG vessel and other type of vessel that can carry various energy products, Laugfs said.
The company has signed a Memorandum of Agreement to purchase Liquid Petroleum Gas (LPG) Vessel "Gas Puffer". The vessel will be renamed as "Gas Challenger" and registered under the Sri Lankan flag.
The initial investment for the purchase of the LPG gas vessel is around US$ 6.9 million.