Sri Lanka-based Laugfs Gas on 16 November said that the company had sold the full stake in its Bangladesh unit for $23.39 million to an undisclosed buyer, with plans to use the sale proceeds to settle the group's debt.
Laugfs Gas said in a stock filing that it divested a 69% stake or 2,645,203 ordinary shares it directly held in its subsidiary Laugfs Gas Bangladesh Limited (LGBL), for $16.1 million on 15 October. However, the filing did not give any indication about the buyer.
Slogal Energy DMCC, a fully-owned subsidiary of Laugfs Gas, divested the remaining 31% or 1,188,352 ordinary shares held in LGBL for $7.25 million on the same day.
"The above proceeds are net of LGBL debts and will be utilized to reduce the debt exposure of the group," Laugfs Gas Chairman WKH Wegapitiya said.
