‘Our ship is on the way,’ says Wegapitiya while elaborating on latest plans

A ship capable of transporting liquid petroleum gas (LPG) has been ordered by Laugfs Gas at an investment of USD 6.9 million and the company would take delivery of this ship very soon, Laugfs Group Chairman W.K.H. Wegapitiya told AdaderanaBiz.lk

This ship ordered from Europe is capable of carrying around 7,000 metric tons of gas at a time and it would be utilized in the company’s LPG gas business, he added.

“Sri Lanka has been planned to be made a maritime hub under the Mahinda Chintana manifesto. This is how Laugfs Gas is assisting these policies. We bring LP gas from foreign countries on our own. In the future we may be able to provide such services to other countries in the region as well,” he proudly added further.

Recently, Mr. Wegapitiya had informed the Colombo Stock Exchange that Laugfs Gas PLC has incorporated a fully owned subsidiary under the name Laugfs Maritime Services Private Limited as a Board of Investment (BOI) approved project.

Laugfs Maritime Services Private Limited would own, operate, hire and charter various types and sizes of ships including Liquid Petroleum Gas (LPG) shipping vessels and other types of vessels that can carry various energy products.

He had also stated that a memorandum of understanding has been signed to purchase the LGP shipping vessel ‘Gas Puffer’ at an initial investment of around USD 6.9 million, rename it as ‘Gas Challenger’ and register it under the Sri Lankan flag.

Laugfs Gas is the second largest business entity in Sri Lanka’s LP gas market while the largest is Litro Gas which had earlier been Shell Gas Ltd and later acquired by the government.
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HNB acquires PC House premises at Kollupitiya

The Hatton National Bank has acquired the registered premises of financially troubled PC House PLC situated at Kollupitiya in Colombo 3.

Hatton National Bank PLC acquired and took over the entire premises at No. 451, Galle Road, Colombo 3 under a parate execution.
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Sri Lanka bourse gains for 4th straight session; seen gaining further

(Reuters) - Sri Lankan stocks rose for the fourth straight session on Friday to touch its highest in more than three years. The gains were led by banking and diversified shares on bullish sentiment due to lower interest rates, higher foreign fund buying and positive economic outlook.

Stockbrokers said they expected the index to gain further as the market is expecting another rate cut during the central bank's monetary policy rate meeting next week. The announcement is scheduled for 0200 GMT on Tuesday.

The main stock index ended up 0.39 percent, or 28.02 points, at 7,234.92, its highest closing level since June 9, 2011.

"The market is continuing its bull run on the back of lower interest rates and positive outlook," said a stockbroker asking not to be named. "The market is expecting a rate cut because the treasury bill rates are now below the policy rates."

Yields on treasury bills fell 3-4 basis points at a weekly auction on Wednesday and are below the central bank's standing deposit facility rate or the rate at which the central bank lends money to commercial banks.

The cut in energy prices on Tuesday has also enthused the market.

Sri Lanka is aiming for a higher economic growth of 8.2 percent and a lower fiscal deficit target of 4.4 percent of gross domestic product next year, a government document showed on Thursday.

The index has gained 22.36 percent so far this year.

The bourse has been in an overbought region since July. The Relative Strength Index, a momentum indicator tracked by chartists, rose to 83.883 on Friday compared with Thursday's 81.562, Thomson Reuters data showed.

Shares in Bukit Darah Plc, which led the overall gain in the index, rose 2.69 percent to 725 rupees, while the biggest listed lender by market capitalisation, Commercial Bank of Ceylon, rose 1.27 percent to 158.90 rupees.

The day's turnover was 2.52 billion Sri Lankan rupees ($19.35 million), more than this year's daily average of over 1.27 billion rupees.

Foreign investors were net buyers of 196.3 million rupees worth of shares on Friday, extending their year-to-date net purchases of 11.1 billion rupees.

($1 = 130.2500 Sri Lankan rupee) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

Sri Lanka stocks close up 0.4-pct

Sep 19, 2014 (LBO) - Sri Lanka's indices closed in the positive territory with the price gains witnessed in diversified stocks amid strong foreign participation, brokers said.

The Colombo benchmark All Share Price Index closed 28.02 points higher at 7,234.92, up 0.39 percent. The S&P SL20 closed 29.38 points higher at 4,018.98, up 0.74 percent.

Turnover was 2.52 billion rupees, down from 2.90 billion rupees a day earlier with 130 stocks closed positive against 79 negative.

John Keells Holdings closed 1.10 rupees lower at 256.70 rupees with three off-market transactions of 114.89 million rupees changing hands at 258.00 rupees per share contributing 5 percent of the turnover.

The aggregate value of all off-the-floor deals represented 15 percent of the turnover.

Chevron Lubricants Lanka closed 1.00 rupee lower at 344.00 rupees with market transactions of 270.70 million rupees contributing 10 percent of the daily turnover.

Richard Pieris and Company closed 20 cents higher at 9.30 rupees and Access Engineering closed 50 cents higher at 29.00 rupees, attracting most number of trades during the day.

Foreign investors bought 828.48 million rupees worth shares while selling 632.16 million rupees worth shares.

Bukit Darah closed 19.00 rupees higher at 725.00 rupees and Hemas Holdings closed 3.20 rupees higher at 59.00 rupees, contributing most to the index gain.

Carson Cumberbatch closed 6.70 rupees higher at 447.70 rupees and CT Holdings closed 6.50 rupees higher at 160.00 rupees.

Commercial Bank of Ceylon closed 2.00 rupees higher at 158.90 rupees.